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Mismatch in Inward and Outward supply GST rate

421 views 2 replies

Hello,

I have purchased goods from a registered supplier, paying "X" + 12 % GST in accordance with goods category, and I have mistakenly sold these goods on E-commerce at 18% tax because of the incorrect tax code used.

This has lead to increased tax liability for the same invoice amount(or profit), what are my options?

Replies (2)

Raise credit note for the difference amount of tax.

If you have taken excess tax from the customer and not issuing credit note, then you should pay that excess tax to the government. This excess charge of tax will not effect your profit in any situation


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