GST– What you Need to Know as a Trader

As we gear up for the final move – to GST – it becomes important for all of us to be prepared. Moving to GST is inevitable – whether you are a manufacturer, a trader or a service provider. As a trader, today you are liable for registration under State VAT, if your turnover exceeds the prescribed threshold limit. You are also liable for registration under Central Excise if you trade in Excisable goods. You are allowed to avail input VAT credit and set it off against the output tax liability. However, the excise duty you pay will not be available as credit, and it will be added to the cost of the product, and subsequently passed on to the […]