Tax rates for existing stock

Tax rates for existing stock

Dear sir/madam,

I am running a pvc fittings distribution firm in Andhra Pradesh. My doubt is

After GST(July 1st),What will be the  tax rate for the EXISTING STOCK which I have purchased with 5% AP VAT?

Kindly help.

Thanks,
Firoz shaik
9492786600

Asked 7 years ago in GST

Dear Firoz,

You have to collect and pay 18% GST as specified in the schedule after implementation of GST.

Trust the above adequately clarifies.

Please feel free to revert in case of any doubts

Thanks and Regards

Abhishek Dugar

CA CS B.Com

Abhishek Dugar

CA, Mumbai

3576 Answers

183 Consultations

4.8 on 5.0

Talk to Abhishek Dugar

Thanks for your reply.
DO you mean to say that for existing stock, which i have already paid Excise Duty, need to add again and collect ?

Asked 7 years ago

Hello Firoz,

Rate applicable on PVC fitting as of now in GST is 18%.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma

CA, Mumbai

2104 Answers

95 Consultations

5.0 on 5.0

Talk to Rohit R Sharma

Hello Firoz,

You need not pay again. At the time of sale you will have to collect 18% GST and pay to the authorities.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, ACA, LLB-GEN, CERT. FAFP

Rohit R Sharma

CA, Mumbai

2104 Answers

95 Consultations

5.0 on 5.0

Talk to Rohit R Sharma

Rohit,

Thanks for your supply.

I am running a pvc fittings distribution firm in Andhra Pradesh. My doubt is

After GST(July 1st),What will be the  tax rate for the EXISTING STOCK which I have purchased with 2% CST along with Excise duty 12.5% PAID.

For Example :

Existing STOCK cost - Assume that A product costs :

Product Price = 100.00
Excise Duty 2% = 112.50
CST 2%=  114.75
VAT 5% = 120.48 is the landing price.

How to calucluate Landing price of EXISTING STOCK for the above scenario, after GST (july 1st).

Asked 7 years ago

Query referred to Mr. Rohit