Shopkeepers who paid higher GST on old stock have 'unutilized GST credit' which can be used to offset future GST liabilities. They will not have to pay GST to the government until this credit is fully utilized.
"So he collected 19,800 GST he had paid 28,000 GST to the wholesaler so 8,200 is the extra GST he paid and had he purchased 10 such AC's like this then you can imagine total extra GST paid would have been 82,000 rupees... Because we call this as unutilized GST credit. Simple terminology. He has paid 82,000 extra. Will that be recorded somewhere that yes, I paid 82,000 extra. So even if I keep on collecting more GST, I will not pay to the government unless this 82,000 extra that I have paid that will be recovered."
