Poonawalla fincorp
Poonawalla fincorp

Tax on closing stock in composition levy

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(Querist)
21 July 2017 At what % I have to pay GST on opening stock of Rs. 3lacs under composition levy. I have no input tax balance.The previous tax was 12,5% and under GSt tax is 18%. Do I have to pay 18% on 3lac or something else to avail composition levy.
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
21 July 2017 In composition levy tax will be paid @1% in case of traders and 2% for manufacturers

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