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EASYOFFICE

need to pay tax on closing stock if opted for composition scheme?

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(Querist)
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.
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CA Rashmi Gandhi

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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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