closing stock of interstates purchase and composition scheme
This query is : Resolved
12 April 2017
I have some closing stock of interstates purchase. If I sold all the stock before 1st July then I will be eligible to get composition scheme?
Rajesh Kumar
(Expert)
12 April 2017
Section 10 of the CGST Act does not prescribe any condition for inter-state purchases. It merely provides that inter-state outward supply shall not be made. But the draft Rules prescribes for no inter-state inward supply. I think we should wait for final Rules to be notified. If the conditions as prescribed in draft Rule remains, one can sell all inter-state purchases before 1st of July, and opt for composition scheme.
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