Dear Experts,
I am a Composite taxpayer under GST and my September, 19 return is filed. My annual turnover is below the GST threshold limit i.e. Rs. 40 lakhs every year. That’s why I am going to cancel my GST registration under the reason for cancellation ‘Ceased to be liable to pay tax’ and the date from which registration is to be cancelled is 01.09.2019. My stock value is Rs. 710000/- as on 01.09.2019 and I purchase goods @ 5% GST. What should I enter in the Tax Payable on Stock table in the Cancellation details step? See the image attached for better understanding.
CAclubindia
