need to pay tax on closing stock if opted for composition scheme?
This query is : Open
04 June 2017
if I go for composition scheme than will i need to pay tax on my closing stock ? where all the input utilized earlier. no input credit of vat available.
CA Rashmi Gandhi
(Expert)
04 June 2017
Yes if you opt for composition & you claimed input of goods lying in stock then you have to pay tax on it.
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