Closing stock
This query is : Open
27 June 2017
we have registered as a composite dealer under state VAT laws..we are expecting to have closing stock on 30/06/2017...can we sell that stock from 01/07/2017 without collecting tax like how we use to do...or do we need to pay tax on such stock along with new stock we will purchase and sell from 01/07/2017 under GST regime...
27 June 2017
you need to sell the stock with new GST rate, from 01/07/2017
27 June 2017
Sir, thank you.......earlier on that stock we paid some tax of which we are not eligible to claim input tax credit since we are under composition scheme....then how can we pay tax on such goods when we are not allowed to take input tax credit.....or can we avail such ineligible credit under vat laws now under GST regime and pay the tax on such closing stock..
27 June 2017
are you willing to continue to go by COMPOSTION scheme under gst as well?
27 June 2017
No, sir.... we would like to avail input credit....
27 June 2017
since under VAT you had opted for composition, you have forgone your right to claim ITC. You have already enjoyed the fruits of paying lower VAT, isnt it?
27 June 2017
obviously right sir..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Fixe term employment
- Is any professional CA is here please reply
- GST ITC REVERSE
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Regime change
- Consolidated financials
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
