composition

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12 Points Joined September 2016
if a person having business of textile products now he takes registration as composition dealer what will be treatment for stock lying on 01.07.2017
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On 12 August 2017 at 22:36 Report
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GST / Vat Practitioner & book keeping
209 Points Joined May 2009
the lying stock can be sold under prescribed GST rate
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On 12 August 2017 at 22:57
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199 Points Joined July 2017
Whether he was a registered dealer under the existing (previous) Acts?? Got new registration under GST??
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On 12 August 2017 at 22:58
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12 Points Joined September 2016
no he was not liable to any tax before gst
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On 13 August 2017 at 08:19
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199 Points Joined July 2017
While he sells goods, to pay tax according to the goods. Nothing else.
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On 13 August 2017 at 08:25
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199 Points Joined July 2017
If trader 1% on turnover. Manufacturer 2%
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On 13 August 2017 at 10:00
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12 Points Joined September 2016
there is some rumour in market that they are liable to tax on stock on 01.07.2017 at 5%
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On 13 August 2017 at 10:25
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199 Points Joined July 2017
Still you have not given clear reply on this👇Whether he was a registered dealer under the existing (previous) Acts??
Got new registration under GST??
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On 13 August 2017 at 10:38
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12 Points Joined September 2016
Yes registered now under gst as composition dealer
and not registered in any other previous law
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On 13 August 2017 at 11:48
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199 Points Joined July 2017
Dealer registered under previous Acts and migrated to GST has to pay tax on reverse charge basis if he was holding goods on 1.7.17 purchased from local unregistered dealers on the rates applicable to the goods.
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On 13 August 2017 at 14:35


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