earlier my product was liable for 5 % vat now under gst it is chargable @ 12% so it will a loss for me naa
and in case of sgst and cgst chargeable on invoice input tax credit is available for both
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input tax credit
Replies (5)
You wil get credit on 12 % wt you paid.So its not loss.
stock available on 30 th june will be sold at 12% in futher so it will not result in loss ?
You are taking ITC on stock on Hand on 30 th June.
yes I.e stock available is of vat 5% will be sold at gst of 12% the difference of 7% will result in a loss
Just check & contact with your auditor for taking Excise duty part also. you are eligible for taking credit cenvat on stock on hand.with Excise documents you are eligible to take 100% of excise duty on stock on hand.without Excidse documents you are eligible 40 % of excise on stock on your hand.
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