Stock in Composition
LIJIN K P (21 Points)
20 July 2017
A dealer migrated to GST and opt composition scheme, what would be the rate of tax for the existing stock?
8 Replies
Yuvitha
(student)
(80 Points)
Replied 21 July 2017
can the existing dealer opt for composition scheme later????
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 21 July 2017
No last date is 16th August.
sanjeev kumar goel
(Advocate)
(260 Points)
Replied 24 July 2017
Rashmi ji no doubt that the rate of GST under composition scheme is 1% for traders as you had also replied but if an existing trader opts for composition scheme under GST then what will be the position of his closing stock as on 30th June 2017. Whether he has to pay GST on that stock before opting composition scheme or he has to simply pay 1% GST on sale value??
Next is can an existing dealer who was purchasing from his own State as well as from Out of State, means both intra and inter state and has mixed stock of iter and itra state purchases, opt for composition scheme under GST??
Next point is that after opting for composition scheme can he purchase and sale both intra and inter state??
Please reply.
Regards
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 24 July 2017
Tax on Stock to be paid @ 1% on sale only.
Any person having interstate stock not opt for composition as per Rule 15(1)(b)
Composition dealer purchase from outside State but can't sell it.
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