Retailers are saddled with three months of goods invoiced at 28%, which will be sold at revised lower rateThe recent goods and services tax (GST) rate cuts may have sent a cheer among businesses. Now, if the rate is changed and lowered, how will they get compensated (for goods in transit)? It should say what happens if the stock is already invoiced by the manufacturer at a higher rate of tax? Would there be a refund or any other mechanism by which manufacturer, distributor or retailer is compensated (for losses due to GST rate cut)?" After the latest revision of GST rate, the government has goaded companies and traders to pass on its benefits to end-users of goods and services.

Source: dna November 24, 2017 01:30 UTC