Question

We purchased material @ Rs100/ per Kgs+18%IGST Total Rs.118/ also take ITC, but the particular material not utilize in manufacturing, after 1 month we want to sale the material to another party. please confirm what rate will be charge to party .it will be same rate or add some value also provide Rules if any.

Answer

In GST status of every supplier is same whether Trader, Manufacturer or Service provider. It is responsibility of every supplier to check classification of product and rate of tax.

If you are clearing input as such even then classification and rate of tax should be checked. There is chance that your supplier might have paid tax @18% instead of 28%

So far as value is concerned, the transaction value is assessable value in normal course whether the input is sold for Rs 90/-, Rs 100/- or Rs 110/-. (Reply dt. 16.06.2018)