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Questions about gst
(business of trading of iron steel in u.p.)1.what will be the balance stock and how much tax will be paid after gst,suppose we have stock of 1 lac then what tax will be paid by us? 2.If we purchase the material from out of u.p state and sell it out of u.p. then what tax will be paid by us? 3.what will be the facility and benefits for those traders whose sale above 60 lacs? 4.What will be the forms as 38,C,H,F and 21?Pls give me the answers in details.
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if you are already register in vat, you can carry forward the balance of vat, after submission of tan 1 , if your comodities rate salb is 18 % than you supply the material outside your state, you have to collect 18% igst in tax invoice. If your turn over less than 75 lacs , you can also adopt compotion scheem under GST, but you can not supply the material outside the state. and if you are wholeseller you have to pay 2% of 1+ 1 GST on supply value. also you can not avail input tax credit benifit in composition scheem
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