We will lose 23% of tax from 1st July or not. If tractor parts purchase with vat 5% & GST defined 28%.

If We have a stock of tractor parts with under state purchase paid vat 5% & we will declare the stock under GST. As per GST defined 28%. in this condition we will loss 23% of taxes from 1st July or not.

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3 Answer(s)

No loss to you beacause 28% of tax amount collected from the customers and tax amount paid by you on purchases at 5% is deducted from it. so remaining 23% tax collected is customers money which must be remitted to govt.in this way no loss to you and excess tax paid is customers tax amount.in this process u r only collecting tax from customrs and paying to govt so no question of your loss.

Answered on June 20, 2017.
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Sir, after adding 28% the amount goes more than MRP than what to do…than we can collect from customer

Answered on June 20, 2017.
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Ask your supplier to replace your goods with new MRP or give you rembursment of your deficit tax rate i.e. 23%

Answered on June 20, 2017.
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Your Answer

Gen GST