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tax liability under composite scheme on stock held on pre-GST resigm

28 August 2017

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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5 Replies

CA Nipun Goyal (Practicing Chartered Accountant) (159 Points)
Replied 28 August 2017

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

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Dalip Soni (116 Points)
Replied 28 August 2017

it is trader, sir

CA Nipun Goyal (Practicing Chartered Accountant) (159 Points)
Replied 28 August 2017

Then 1% is required to be paid and no ITC can be availed.

Dalip Soni (116 Points)
Replied 28 August 2017

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?