In the old taxation scenario, the goods are eligible to be reduced from the overall turnover of sales, on the condition that the goods are returned within the mentioned timeline. The rebate in tax and its eligibility varies from one state to other. It takes 6 months from the actual date of sale.
GST (Goods and Services Tax) is a major taxation reform that has been implemented from July 1, 2017. As the Supply is a taxable event, therefore, it is necessary for businesses to understand the applicability of tax on goods and services in GST regime.
