Ajay jangir (no) (124 Points)
27 April 2021
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 27 April 2021
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 28 April 2021
Ajay jangir
(no)
(124 Points)
Replied 28 April 2021
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 28 April 2021
Dear Ajay
As such it is not define or prescribed in section or rule, but one has to conclude himself on referring section & rule thereon.
1. As per section 10 of cgst act , the composition dealer is not allowed to collect GST from customer neither can claim any ITC on his inward supply.
2. In term of Rule 3A of cgst Act when any registered person opts to pay tax u/s 10 is required filing intimation in form CMP-02 & MADATORY REGUIRED TO FILE ITC-03 (Reversal of ITC) in accordance of Rule 44(4). so there is no ITC balance is left with composition dealer on his stock
3. as per rule 20 CGST Act any registered per who seeks cancellation of registration is required to provide detail of ITC in stock, capital goods & liable to pay gst on same. but the composition dealer when swifted from regular to composition scheme is required to reverse the ITC or who have Fresh opted for composition scheme is not allowed to claim any itc on his inward supply, hence not required to pay any gst on stock when he surrender his GST no.
Actually the GST is paid on Stock on which you have availed the ITC, So the composition dealer cant avail itc therefore not required to pay GST on stock
Sandeep Mor
(2 Points)
Replied 31 March 2025
have u paid gst on stock Mr. Ajay in composition i have same query.
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
CAclubindia
