23 July 2017
Dear sir If VAT dealer has stock but ITC has been consumed so if he takes composition scheme then what amount of tax he has to pay on stock in GST?
23 July 2017
it is mentioned U/s 18(4) of the GST Act. Dealer has to pay an amount equal to the input credit held in stock immediately preceding the date of switch over. Any balance credit in the electronic credit ledger will lapse . Also read rule 9 of input credit rules.
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