Sir
I am a manufacturer ragistered dealer
with the arrival of the rates of GST, a strange position has occured
The GST rates are much lower than Excise rates prevailing today
Pls advice the treatment of the input balance at the the time of sale under GST of the finished goods stocks , as that can never be adjusted if I carry forward the input even indefinately.
Arun
Manufacturer Seeks Guidance on GST Input Credit Refunds; Expert Cites CGST Act, Section 54(3) for Solutions A registered manufacturer expressed concern over the lower GST rates compared to existing Excise rates and sought advice on handling input balance for finished goods under GST, fearing it may remain unadjusted. An expert advised that under Section 54(3) of the CGST Act, 2017, a refund for unutilized input tax credit is possible, subject to Section 54(10), which allows withholding refunds if returns are not filed or dues are unpaid. Another participant inquired about the applicability of anti-profiteering laws, but it was noted that details on such laws were not yet available. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
