composition scheme
Mohit Mangla (20 Points)
23 June 2017
what will be the liability of tax on closing stock if i opt for composition scheme
2 Replies
upasana gupta
(Finance Professional)
(3931 Points)
Replied 23 June 2017
If you opt for composition scheme then you have to bear the tax liability 1% for manufacturer, 2.5% for restaurant sector and 0.5% for other suppliers on turnover.
Jitender Kumar
(19 Points)
Replied 23 June 2017
if ur closing stock is local purchase means u claim input tax then u pay tax all closing stock. before opted composition scheme
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