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chaitri kharod   12 June 2021

Tax rate changes in one month

during this pandemic, we can see that government made too many tax rate changes on medical equipment, vaccines, medicines like in former situation tax was being levied but during second wave, government reduces the tax rate or vanished tax rate..
my question is...how we should deal with these situations in the sense of accounting and gst treatments???


 6 Replies

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     12 June 2021

Managing things in an unprecedented situation like the pandemic is very challenging for anyone. Keeping track of these changes is surely a nightmare but we accountants are at least in a much better situation than doctors and other healthcare workers.

CBIC portal can help you provide a summary of various notifications/circulars issued during the period. See if this would be useful to you.

 

1 Like
chaitri kharod

chaitri kharod   12 June 2021

Yeah 100% agree with you ma'am that we are in a far better situation than doctors and health workers....
CBIC can help us by providing various...but my question is that should we apply different rates of different times?? or can use single current rate for the whole year??
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     12 June 2021

Rates as prevailing at the time of transactions to be considered. Single rate in respect of all transactions would be inappropriate from accounting perspective.

1 Like
chaitri kharod

chaitri kharod   12 June 2021

Okay ma'am...thank you so much...I think this type of situation is very interesting for learning purpose in accounting as well as gst....
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     12 June 2021

Yes, you are right. Great opportunity to learn.

1 Like
chaitri kharod

chaitri kharod   12 June 2021

Yes ma'am....

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