Transition under composition scheme

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Sir,
When I have closing" taxable stock" at the time of migration, on which ITC already consumed against output.

So what was the transitional proses of that kind of goods,
- M I liable to paid on reverse charge basis ?

Or
- pay only @ 1% on sale only?

Note : at present I am an composition dealer.


Please answers when sure.

Thanking you
Replies (3)
pay tax only on goods sold . no question of availing credit in case if you don't file itc in your last vat return. No RCM as you have the closing stock which is tax paid.
I change Gst to composition can I pay Gst on old stock?
if u were in normal in vat and now change to composition u will have to reverse your ITC utilised of closing stock


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