08 August 2017
Businessman dealing in Cloths, before 30 June,17 Cloth exempt from Tax. Now it is 5% under GST. Assessee Hold stock Rs. 40 Lacs. Mostly Inter-state purchases. Now, he want to avail Composition Scheme. Can He Avail Composition Scheme. 2nd is if, its allow than such stock when taxable, and what is tax rate on such stock.
I read that such Cloths dealer ( Inter-state purchases Stock hold) not avail Composition Scheme. is it right.
Secound is, if all stock is with in state purchases. and all are exempt under VAT than on what is GST rate on such stock ( 1% or 5%) under Composition Scheme. when GST paid (Time of payment)
08 August 2017
01. Yes, he can opt for composition provided he is NOT engaged in making any inter state outward supply of goods
02. When he sells the stock, he can charge 1 % GST on the same
Querist :
Anonymous
Querist :
Anonymous
(Querist)
08 August 2017
Sir, its mean Stock held on 1 July from inter-state, no problem to choose composition Scheme. only dealer can not sale inter-state. and on such stock only 1% GST levy on the time of sale.