Dear sir/madam,
As per new GST rate rules, if a taxable goods became exempt, ITC on the stock held as on 22.09.2025 is should be reverse. But my question is, If we purchase 5% rate category good for Rs.105.00,(taxable Rs.100 + GST Rs.5) after 22nd that goods became exempt, Now i can't collect GST I should sell it for Rs.100 only. How can i recover the loss of 5%?
The 5% GST amount has to be reversed by filling Form ITC03 and the 5% become cost of raw material. U can increase the price to the extent of the 5%.
Gowra Ventures Pvt Ltd
Hyderabad
CA
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VIKAS VERMA & CO
New Delhi
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