i have a pharmaceutical wholesale business and a problem arose.The govt. has revised the gst rate FrOm 28% to 18% w.e.f from 15Nov,2017.I had purchased medicines from supplier before 15nov so who will compensate me the difference of 10% GST.please give advice
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Regarding reduction of GST rate to 18%
Replies (6)
its not any matter tax rate is less ....
example - you purchase in 28% and now sold these in 18% ... your ITC is greater then your outward taxable supplies ... so its not your loss ..
example - you purchase in 28% and now sold these in 18% ... your ITC is greater then your outward taxable supplies ... so its not your loss ..
U r getting benefits.. Keep ur margin same then also ur selling price came less than earlier price and u r getting balance surplus itc
You Adjust your Excess 10 % input againts output tax liabilities
@ yes thanks mondira
@ divakar thank you
@ ravi thank you
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