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Vat input to gst
I have closing stock of jewellery as on 31.7.2017. I have input vat paid at 1. To transfer this input to GST should I pay differential 2 ie new gst rate 3 minus vat rate 1. Pls clarify
Replies (1)
Please refer to ITC transition rules.
You dont have to pay 2% tax immediately. 3% GST can be paaid when the stock is sold. 1% VAT credit will be converted to SGST credit for which you have to submit details of VAT credit in form TRANS 01. VAT credit should be reflected in our last VAT return.
Regards
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