27 April 2013
While opting for composition scheme the dealer should not have any closing stock of raw materials on which he had already claimed ITC set off i am ipcc student ,my query is- can there be stock of interstate purchase /import while opting for composition scheme,as VAT is neither paid nor itc setoff is claimed on the same?
29 April 2013
Mr ali, In some states this condition is also imposed. In Karnataka a dealer opting for composiiton shpuld not have in his stock any interstate purchased goods.....mjk
CAclubindia
