Dear all
GST rates are reduced in various products after 56 GST council meeting.
In several cases , GST rates are reduced related to our GST paid closing stocks , which are already reflected in 2B purchase.
From 22nd September onwards, we have to bill these materials @ revised lower GST rates.
I am warried regarding material wise input tax adjustment for these cases , where GST rates reduced of high rated tax paid products.
It is not yet cleared , wheather Input adjustment will be allowed or not in case of those materials, who's GST rates became 0 or reduced from input tax paid % ?
I came to know that excess amount of input tax will be reversed & added with purchase cost for those closing stocks , which will sell at 0 GST or lower % of GST rates compare to input tax rates
Plz reply with updated reference
Regards
S Mallick
CAclubindia
