closing stock in composition scheme
virender (prop) (131 Points)
08 June 2017
if I opt for composition scheme than will I have to pay tax on my closing stock held on 30/6/17
5 Replies
Shivam Chomal
(498 Points)
Replied 08 June 2017
When you had purchased those goods you must already had paid tax on them under existing law ,so why would you pay tax again on stock of it,it doesn't matter you opt for composition or normal scheme. Ya,in case of opting composition scheme under GST you will not be allowed to take input credit on that closing stock but there is no question of paying tax on them.
Utkarsh Saxena
(10 Points)
Replied 09 June 2017
No . you don't need to pay any tax .
Only you need to reverse all the input tax credit of closing stock..
You can't avail the itc benefit on them.
and once you hav opted for composition scheme you can't switch from composition scheme in that financial year..
Only you need to reverse all the input tax credit of closing stock..
You can't avail the itc benefit on them.
and once you hav opted for composition scheme you can't switch from composition scheme in that financial year..
Mahabir Prasad Agarwal
(Advocate)
(892 Points)
Replied 22 July 2017
Sir, Utkarsh Saxena,
What do we mean by "to reverse all the input tax credit of closing stock" as mentioned in your reply ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 22 July 2017
Guys.,
Just give solution to Querist. Don't be confuse the Querist....
Just give solution to Querist. Don't be confuse the Querist....
Nikkk
(CA)
(63 Points)
Replied 29 October 2017
If i have stock of 1 lakh on 30.06.2017 with no invoice the what will be the solution Sir?
do i have to pay tax on that stock in composition scheme?
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