Vat/gst applicable on Stock

Yusuf Chouhan (3 Points)

24 July 2017  
Hi, Good morning.

My firm is a Vat registered and we migrate to gst before 30th June,2017. Having a cst purchased Stock on 1st July,2017.

My query is whether we opt composition Scheme or not as we have turnover below 50 lakhs in previous financial year.

If yes, than What Tax liability on Opening Stock?
Thanks.