we have change flywheel Gear HSN code 8708 (28%)to 8483 (18%).
Now our distibutor told What will he do with the 28% stock material (flywheel gear)
Please help
Changing of classification can lead to disputes and demands form the revenue. If you have corrected an erroneous classification then it is ok. The distributor can pay only 18%. There would be no impact on the 28% ITC he has availed.
Dear Sir,
What is tax rate is changes now from 28% to 18%. Credit already availed at 28% would remain available or not?
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