27 June 2017
we have registered as a composite dealer under state VAT laws..we are expecting to have closing stock on 30/06/2017...can we sell that stock from 01/07/2017 without collecting tax like how we use to do...or do we need to pay tax on such stock along with new stock we will purchase and sell from 01/07/2017 under GST regime...
27 June 2017
Sir, thank you.......earlier on that stock we paid some tax of which we are not eligible to claim input tax credit since we are under composition scheme....then how can we pay tax on such goods when we are not allowed to take input tax credit.....or can we avail such ineligible credit under vat laws now under GST regime and pay the tax on such closing stock..
27 June 2017
since under VAT you had opted for composition, you have forgone your right to claim ITC. You have already enjoyed the fruits of paying lower VAT, isnt it?
CAclubindia
