stock held on 30.6.17 with Nil input credit

19 July 2017

please let me know the impact of GST on stock held on 30.6.17 with nill ITC balance thereon and where composition levy is opted for further resime.

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2 Replies

Karan Batra (Creator: TheProTalks) (2325 Points)
Replied 19 July 2017

Have a look at both of the following articles, You will get an answer for your query

Link 1 :/articles/the-biggest-question-what-to-do-of-stock-on-30th-june--30344.asp

Link 2:/articles/gst-impact-on-stock-available-till-30th-june--30370.asp

Ravi SADhiyan (Practice) (4510 Points)
Replied 19 July 2017

If You can't opt Composition scheme in below mentioned cases

1) Goods purchased from other state still availble in stock

2) Before opt Compostion scheme you pay tax on those goods which was purchased from Non registered dealer in Old Tax Law

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