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composition scheme

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(Querist)
24 June 2017 Sir I am manufacturing furniture and sale with in punjab. and my sale in 2016- 17 of rs. 40 and and now I have closing stock of rs.15 lac now I am want to opt composition scheme. can I opt composition scheme if yes than status of closing stock tax
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
24 June 2017 If you dont have stock of outside state then you can opt for composition scheme.

No credit of stock is available in GST if you opted in Composition
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Sudhanshu Jindal

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Sudhanshu Jindal (Querist)
24 June 2017 tax liability for closing stock if I have no inter state purchase closing stock but purchase from unregister person app.1 lac



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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
24 June 2017 No credit available in respect of that as no tax paid on it.
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Sudhanshu Jindal

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Sudhanshu Jindal (Querist)
25 June 2017 pls referee the section which rescticted us for opt composition scheme if I have closing of interstate purchase goods
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
25 June 2017 Check point No.5 in Notification No. 3 /2017 - Central Tax
Ne
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Sudhanshu Jindal

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Sudhanshu Jindal (Querist)
25 June 2017 so that I have no tax liability on closing stock for deposit tax if I am opt composition scheme
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
25 June 2017 Yes.........




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