GST: Sisodia addresses traders’ queries on Facebook Live, status of pending stock a big concern
During the discussion, several traders queried about the taxation that will apply to the left over stocks, as on June 30, and whether the traders would get any input credit against the tax paid over them under the current tax regime.delhi Updated: Jun 09, 2017 23:05 IST
Taxation on the stock of goods which remained unsold by June 30 under the Goods & Services Tax regime was one of the biggest concerns raised by the city traders with deputy chief minister Manish Sisodia, who along with the VAT department officers, addressed queries through Facebook live on Friday.
Considered as the biggest indirect tax reform in the country post independence, the GST regime will kick in from July 1.
During the discussion, several traders queried about the taxation that will apply to the left over stocks, as on June 30, and whether the traders would get any input credit against the tax paid over them under the current tax regime.
“All traders will get input credit, depending on the documents available with respective traders. If all documents are in place, traders would get 100% tax credit. If not, 60% tax credit will be given on goods which would be above 18% tax slab, while 40% tax credit will be granted for goods falling under 18% tax slab,” said H Rajesh Prasad, VAT Commissioner.
Other traders also raised queries about fitment of tax rates for different goods, for which the traders were advised to check the CBEC website for the rate card. The deputy chief minister also directed the VAT department to post the rate card on the Delhi government website.
The deputy CM assured the traders that he would take up the concerns raised by the traders, both online and offline, in the next GST Council meeting on June 11.