a person have vat certificate paying vat under lumpsum tax under trader.
what is the provision regarding disclosure of stock item for person doing trading and selecting composition scheme.
please experts advice me.
Following must be disclosed/filed for disclosure
- The taxable person is required to furnish only one return i.e. GSTR-4 on a quarterly basis and an annual return in FORM GSTR-9A.
- No, a dealer registered under composition scheme is not required to maintain detailed records as in the case of a normal taxpayer. However not detailed but still working details should be maintained
- As no ITC shall be given so thus that Person cannot issue Tax Invoice
- In case you need help in ITC of taxes paid in Earlier(VAT) regime then revert back.
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