please let me know that what shall be the liability of GST on stock held on 30.6.2017, for a composite dealer who has no ITC credit on such date.
thanks
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tax liability under composite scheme on stock held on pre-GST resigm
Replies (5)
Under Composite Scheme, there are 3 different rates for three types of Taxable Persons.
5% for Restaurants
2 % for Manufacturers
1 % for Others (other than Service Providers) , It includes Traders.
So, check what kind of Taxable Person
it is trader, sir
Then 1% is required to be paid and no ITC can be availed.
it is told to me that applicable rates of GST shall have to pay on stock held on 30.6.17 first, and thenafter the rates of composite Tax shall be paid henceforth. Is it right sir?
yes.if u claim ITC inrespect of stock held on that date such amount only should be paid
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