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query under composition dealer

03 October 2017

if any trader of cloth taken composition scheme and have stock arround 5 lac on 1july.then he will pay GST on stock held on 1july or not

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3 Replies

RAJA P M ("Do the Right Thing...!!!") (128070 Points)
Replied 03 October 2017

It's mean you ll sell it under composition scheme then pay the Tax liability....

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CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 03 October 2017

If you have stock which is purchased from unregistered dealer then you have to pay on such stock.

No need to pay on stock purchased feom registered dealer

g mahesh Mundra (Business and tax consultant) (3293 Points)
Replied 03 October 2017

if you switched from regular to composition on ist July in that if you have ITC credit in previous regime you must clear that ITC

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