Hi All,
Can anyone please help clarify on what will happen to stocks with a trader that were purchased at a lower VAT rate for eg at 14% vs the new GST rate applicable would be 28%. Who will have to bear the incidence of higher tax. Are there any other provisions one should be aware of transition goods ?
If goods sold are MRP based then business entity will have to bear the higher GST rate difference other wise difference is charged from the ultimate consumer.
T R SOOD & CO
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CA Inter
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Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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SMJ global advisors pvt ltd
New Delhi
B.Com
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