Opening stock

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MALAY DAS (Querist)
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28 June 2017 Respected sir
is it need to be prepare closing stock list before starting GST for 30th june 2017 and start accounting? please advice thanks...........

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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28 June 2017 Yes if you want to get credit.

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MALAY DAS

MALAY DAS (Querist)
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28 June 2017 RESTECTED RASHMI MAM
THANKS......NOW ITS CLEAR. INREGISTARED TRADER IN EXCISTING LAW CAN AVAIL ITC ON HIS COLOSING STOCK? PLEASE ADVICE AND ALSO SALE PRICE OF CLOSING STOCK AFTER APPLY GST? PLEASE ADVICE THANKS.....

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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28 June 2017 Yes he will also if register under normal scheme in GST.

MALAY DAS

MALAY DAS (Querist)
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29 June 2017 Respected mam
thanks for your replies ...but if the trader opt composition scheme then he will not received ITC in old stock? please clear to me thanks.......... also he need to be fill TRASN 1 for ITC? thanks...........

Amol S Joglekar

Amol S Joglekar (Expert)
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29 June 2017 yes, composition scheme.......ITC is not available

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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29 June 2017 Trans-1 fill to get credit of ITC in your return or unavailed credit of capital goods.

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MALAY DAS

MALAY DAS (Querist)
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29 June 2017 THANKS MAM
WHAT IS SELLING PRICE IS OLD STOCK I.E. STOCK IN HAND BEFORE ON 30TH JULY HOW INVOICE CALCULATION AND ISSUE INVOICE? PLESE GIVE DETAIL IF POSSIBLE WITH AN EXEMPLE. ITS A BIG QUESTIONS AFTER 30TH JUNE.

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