Sir, does a composite trader will have to pay 5% tax on textile stock held on June 30,2016. For eg, if a trader had stock of 20 Lakh, he will have to pay 1,00,000 at once ? If Yes, then using which form and by when. Please confirm as there are different opinions.
Hello Sir, Do You mean I have to pay only 1% on sales turnover even If I sell my old stock ? Our accountant is saying that we have to pay 5% on existing stock as well in addition to 1%
Please tell if he is correct or not.
CAclubindia
