new composition gst tax payer is pay the tax if he have the stock before july
1st.
1. before july 1st he don't have any vat and tin number
but he now regisitered under composition gst
and now he pay the tax old stock
?
2 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 11 July 2017
No need to pay any tax on old stock.
srinivas
(Finance Manager)
(239 Points)
Replied 11 July 2017
Hi,
Dont worry, No need to pay tax in your closing stock.
You can claim input tax credit on closing stock, if you purchased stock from tax registered suppliers.
Just sale your goods as per composition scheme.
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