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Tax liability on Opening Stock

24 July 2017

Hi
I would like to know What is the Tax liability on Opening Stock of 1st,July2017 if the regular registered vat dealer migrate to gst composition Scheme.
Thanks.

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6 Replies

upasana gupta (Finance Professional) (3931 Points)
Replied 24 July 2017

After 1 july GST is applicable all over the country so GST rates shall be applicable on every goods if you are in composition scheme then the rate for composition dealer shall be applicable

upasana gupta (Finance Professional) (3931 Points)
Replied 24 July 2017

After 1 july GST is applicable all over the country so GST rates shall be applicable on every goods if you are in composition scheme then the rate for composition dealer shall be applicable

CA Akhilesh Kumar Kandpal (Proprietor A K Kandpal & Associates) (1442 Points)
Replied 24 July 2017

if you have any stock purchased from unregistered dealer than you have to pay gst on that stock on rcm basis....

CA. RAGHAV GARG (CHARTERED ACCOUNTANT) (710 Points)
Replied 24 July 2017

nothing but to reverse/pay input tacmx credit

CA. RAGHAV GARG (CHARTERED ACCOUNTANT) (710 Points)
Replied 24 July 2017

nothing but to reverse/pay input tacmx credit already availed on stock held on 01 july and you should not have any goods purchased interstate on cst as you have not paid sufficient tax at full rate to state govt.

Ajay Agarwal (CA-Student) (134 Points)
Replied 17 August 2017

Please resolve my query on Reverse charge on Purchase agricultural produce from Farmer. Agricultural Produce -Mustard Seed HSN code-1207 Gst Rate-5%

1. I want to know about Reverse charge applicability on purchase of agricultural crop/produce from Farmer by commission agent/Traders in Grain Market. Is there are any exemption on Reverse charge when agricultural produce purchase from Farmer. Or we should pay Gst on Reverse charge bases on purchase of agricultural produce from Farmer.

2. If yes on above questions RCM attract on purchase of agricultural produce from Farmer. Than What about Reverse charge applicability on opening stock which was purchased from Farmers during vat regime. Is RCM attract on stock which carry forward from vat regime.(which was purchased from Farmers without paying tax.)

Thanks