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Help on gst
i have paid tax @ 12% on my stock lying as on 30th june, 2017 in my july return. my goods are now liable to be taxed @ 18% under GST. weather i have to pay full 18% tax or only the difference of 6% on my old stock while filing return in september?
Replies (2)
You will pay the tax after availing the input credit only so you will the remaining portion only to the government.In the above case you will pay only the 6%.
Scenario 1.If you are Registered with Central excise & vat Turnover Below 1.5 Crore ,You take full credit of Excise & Vat in Gst closing stock on 30.6.2017. Excise Credit transfered as Cgst. Vat Credit transfered as Sgst.
Scenario 2.If you are Not Registered with Central excise & registered with vat Turnover Below 1.5 Crore ,You take 40% of credit of Cgst if Tax rate in Gst is 12% or below and 60% of credit of Cgst if tax rate is gst 18 % or above. on closing stock on 30.6.2017.
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