Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Cancellation of Registration

ANAND KHATER (78 Points)

13 January 2019

Is composition dealer required to pay tax on stock held on the date of cancellation of gst registration.??

Reply
Follow
Share

5 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 13 January 2019

No .........,...

Infact if swift to Regular dealer from composition scheme can claim ITC on stock by filing ITC 01

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

pritesh (CA Final student) (7101 Points)
Replied 13 January 2019

no it is not required to pay for composition dealer

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 14 January 2019

Yes if you surrender the Registration & having stock in books , have to Pay Tax on same . It will not allow you to surrender until the tax has been deposited.

pritesh (CA Final student) (7101 Points)
Replied 14 January 2019

Dear sir...
the composition dealer is not required to file gstr 10 and they are not claiming itc on purchase
then how they will liable to pay tax?

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 14 January 2019

Yes ,. you are correct Mr. Pritesh
But when You file cancellation there it ask for stock in hand & if stock is declared therein it ask to deposit the Tax for the same else won't allow you file application for surrender