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.
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Gst on existing stock held by textile retailer
Replies (3)
You have to pay tax as you make sales via GSTR4. You dont have to pay taxes at once.
Agree by Vinay ji
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.
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