composition
latesh patel (16 Points)
01 July 2017
if I has stock of outside state purchase what will I do of that stock if I opt for composition scheme
1 Replies
SUPRIYA
(PRACTICE)
(853 Points)
Replied 01 July 2017
There was previously no setoff of CST paid on Inter state purchase. So such stock was already not elegible for any tax credit.
In composition option stock already held is to be declared to disallow any input tax credit if any available on the same in current laws. so in case of Inter state purchase position shall be status quo.
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