Dear Sir,
When there is a changes in the GST tax rate as per recommendation of GST council , how the differences in tax amount will be treated by business entity?
Example:
1. M/s. ABC limited purchased Lithium Iron Batteries by paying the input tax rate of 28%.
2. The goods are available with stock.
3. Before liquidation of these stocks, now the tax rate has been reduced to 12%.
4. After this tax rate changes, that company can sell these goods with newly reduced tax rate.
5. How this situation has to be treated by this company?
Kindly explain.
CAclubindia
