GST input adjustment, Goods and Services Tax - GST

[arun aggarwal]

SIR

After the implementation of GST

I will be having GST input balance, as my finished product rate is less than the input GST rates.

What option do I have

1 refund of input lying balance

2 adjusting the same in the products where there is a reverse charge , like buying from Farmers and further sell the same.

Tnx for the reply in advance

Arun

Posts / Replies

[Himansu Sha]

Reverse charge is not output tax. Refer sec 2(82). Utilising credit for payment of tax on reverse charge may not be allowed sec 49(4)

[arun aggarwal]

Sir

What about the refund option?

Arun

[MARIAPPAN GOVINDARAJAN]

If input tax credit is in excess in the credit ledger, the only way is to get refund. It cannot be adjusted against future payments. This is my view.

[ajay sharma]

stock input kese le skte hai sir ji

[Himansu Sha]

Please wait some days. The option of refund may be clearest because act has a provision. I am not sure