Joint Clarification from the Department of Revenue and the Department of Consumer Affairs, Government of India regarding the circular WM-10(31)/2017 Dated 04.07.2017
“It is clarified to all concerned that in the circular WM-10(31)/2017 Dated 04.07.2017, the phrase “the increased amount of tax due to GST, if any” means “the effective increase in the tax liability calculated after taking into consideration extra availability of input tax credit under GST (including deemed credit available to the traders under CGST)”
Thus, the declaration of new MRP on unsold stock manufactured/packed/ imported prior to 1st July 2017 should not be done mechanically but after factoring in and taking into consideration extra availability of input tax credit under GST (including deemed credit available to traders under proviso to subsection (3) of section 140 of the CGST Act, 2017 available to the traders under CGST).
Do you think CBDT should extend Tax Audit Report and relevant ITR Due Date? Please Comment, Vote, Retweet and Like.— Tax Guru (@taxguru_in) September 18, 2018