closing stock and it's treatment in gst

This query is : Open

P AGRAWAL (Querist)
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16 September 2017 suppose x a trader opts for composite scheme in gst what will be tax treatment of stock in hand on the appointed date, will it be different if he opts for regular gst registration, and what will be the situation if he change the gst registration from regular to composite, and vise versa later in the middle of f y 17-18.

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)
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16 September 2017 A composite dealer shall not be entitled to credit of the eligible duties with respect to the stock as held on the appointed date whereas a regular dealer would be so entitled. Further in case you are a regular dealer in GST regime you will be able to opt for the composite scheme but only from the commencement of the Financial Year.

Chhatra Singh Dugar

Chhatra Singh Dugar (Expert)
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18 September 2017 As govt has extended the date for switching over to composition scheme to 30th September 17 you can opt for now otherwise from next financial year

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