gekco (B.Com) (170 Points)
05 August 2017Sir, does a composite trader will have to pay 5% tax on textile stock held on June 30,2016. For eg, if a trader had stock of 20 Lakh, he will have to pay 1,00,000 at once ? If Yes, then using which form and by when. Please confirm as there are different opinions.
Vinay Garg
(Student cum businessman cum professional)
(859 Points)
Replied 05 August 2017
gekco
(B.Com)
(170 Points)
Replied 07 August 2017
Hello Sir, Do You mean I have to pay only 1% on sales turnover even If I sell my old stock ? Our accountant is saying that we have to pay 5% on existing stock as well in addition to 1%
Please tell if he is correct or not.
CAclubindia
