A TOT dealer purchased cashew nuts in APRIL 2017 and having stock of 30 lakhs ason 30-06-2017. He wants to opt
composition scheme. whether he is liable to pay reverse charge on that stock of cashewnuts. If your answer is yes, clarify with act and rule. Please note that stock was purchased before the appointed day.
2 Replies
rinku gupta
(accountant)
(435 Points)
Replied 07 August 2017
no rcm on closing stock, in new scheme u come under and new taxes on base of sale u deposit
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