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Composition scheme

137 views 4 replies

Yash Jain

122 Points Joined May 2017

Am I required to pay GST on following stock on appointed day, if I am a composite dealer :
1. stock purchased from registered dealer under vat regime.
2. stock purchased from URD under previous regime.

also the rate (1% or rate applicable) is required to be paid on it

Replies (4)

RAMESH D MODI

Proprietor

4869 Points Joined January 2010

u will have to under reverse charge on the goods purchased from un regi. dealers

RAMESH D MODI

Proprietor

4869 Points Joined January 2010

to pay##

Yash Jain

122 Points Joined May 2017

sir, I would like to know liability on stock as on 30 June 2017

Jayesh Doshi

Self

177 Points Joined March 2014

As per Composition Rules - Rule 5 (1) The person exercising the option to pay tax under section 10 shall comply with the following conditions, namely:-

(c) the goods held in stock by him have not been purchased from an unregistered supplier and where purchased, he pays the tax under sub-section (4) of section 9.

It means he has to pay tax on Stock (if any from URD) available immediately before opting for Compopsition Scheme on RCM basis.