Question6:
 
I have purchased goods at 18% GST and at the time of sale, tax rate reduced to 12%, what will happen to balance 6% tax which I have paid?

Answer:

Answer to your question has been given in our daily mail. It appears that you has not gone through our daily mail dated 14.11.2017. You are advised to read our daily mail which is being sent for the benefit of our valuable clients. However, for the benefit of our valued client we happily send answer to your question again. The rate of tax paid on inward supplies is not affected by the rate applicable on outward supplies. As per the recent CBEC Press Release the reduced rates would become applicable from 15.11.2017 for which suitable Notification will be issued. If due to the inverted tax ratio, ITC is getting accumulated and you are not able to utilise the same for domestic supplies, then you can apply for refund of such accumulated ITC under Section 54 of CGST Act, 2017 read with Rule 89 of CGS T Rules, 2017. (Reply dt. 15/11/2017)