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Regular to Composition levy scheme

22 July 2017

I'm a regular tax payer under vat and want to convert to composition scheme in gst, but my CA told me that if I convert now, I will have to pay tax for the stock held by me as of 30/6/17. is it true?

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4 Replies

(Guest)

Yes, you'll have to pay the amount of tax credit availed on stock.

Mithul Jain (18 Points)
Replied 22 July 2017

So if I hold a stock of 500000 as closing on 30/6/17, then will have to pay tax for the whole?

CA Kunal Kansal (14 Points)
Replied 22 July 2017

if your ITC balance is 0 then yes you need to pay whole on 500000 if there is a balance in ITC then you can reverse the amount upto that much ITC balance you need to pay
for more information contact me at
kunalkansalca @ gmail.com
+919464741473

Mithul Jain (18 Points)
Replied 22 July 2017

If I unregister myself as my total sales is less than 20lakh, then? and will I be able to get goods from Interstate or intrastate through transport services if I unregister myself?