stock declere in cmp3

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monika (Querist)
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02 August 2017 please reply this query

what will be tax treatment on closing stock that we will declere in cmp 3

if we have no itc acording existing vat law

we have only stock

i mean we have consume all itc of vat law and have only closing stock on apointed date of gst

and we migrate in gst as composition dealer

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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04 August 2017 The stock which you have may have excise duty. If the stock is directly purchased from the manufacturer, ITC for excise duty can be claimed.

monika

monika (Querist)
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04 August 2017 MAM PLEASE READ ONCE AGAIN MY QUERY

I AM MIGRATE AS COMPOSITION DEALER NOT AS NORMAL DEALER

I WANT TO KNOW ABOUT RCM ON CLOSING STOCK

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CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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04 August 2017 As a composite dealer you cannot taken ITC but for the old stock you are holding you can take credit for excise.

monika

monika (Querist)
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04 August 2017 MAM
IF I HAVE NOT ANY ITC IN LAST VAT RETURN
AND HAVING ONLY CLOSING STOCK
THAN WHAT WILL BE TAX LAIBILITY ?