Query
We have sufficient stock in our stores pre-GST regime.Now whenever we take anything out from it to sell appropriate GST is levied. This amounts to that we have these at no cost. No refund can be claimed.We are in this trade since May, 1975. It is a sole proprietary concern, started after retirement from the services.Stocks got piled up over the years. Never had resources to arrange for a valid inventory.What is the way out. Is there any relief? Please suggest. With warm regardsG.B. Singh Prop.Gee Bee Enterprise ,   GSTIN:  07AAAPS4530M1ZJ46 Summi Market, Phatak Namak, Hauz Qazi, Delhi-110006Tele: 23214130, 23217048, 23211174.    \r Mob. more
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Inventory has to be maintained and arrangement has to be made accordingly. So far tax is concerned, government has extended it upto December 2017 and stocks have to be sold or GST to be paid. more
Oct 05
Seems, you are a stockist. Am I right? If yes, please talk to the manufacturer, who has supplied goods to you, if inventory is huge. Return goods to them. They will claim back the VAT already paid and then put a sticker of revised MRP as per GST regulations and you would be able to sell the product with revised MRP. Anyway, time limit for liquidating pre-GST stocks has been extended till 31st December. more
Oct 03
Start inventory.Unlisted in stcoks such take out,keep out side the shop under a umbrella,and sell them as a pretty shop. more
Oct 03
