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all vat input utilized and most moving to composition scheme

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(Querist)
14 June 2017 I have utilised all the vat input on my closing stock. now if I opt for composition scheme than will I need to pay any extra tax on closing stock.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
14 June 2017 Yes if you want to opt for composition scheme then you have to pay taxes on your closing stock first.

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