Closing stock treatment if migrate in gst as composition sch
This query is : Open
23 July 2017
Dear sir If VAT dealer has stock but ITC has been consumed so if he takes composition scheme then what amount of tax he has to pay on stock in GST?
23 July 2017
As per VAT but it is not mentioned anywhere in act. So until unless any provision passed in this regard, no need to pay tax.
23 July 2017
it is mentioned U/s 18(4) of the GST Act. Dealer has to pay an amount equal to the input credit held in stock immediately preceding the date of switch over. Any balance credit in the electronic credit ledger will lapse . Also read rule 9 of input credit rules.
03 August 2017
18(4) is section from conversion in gst from normal to composition
03 August 2017
No clarification about Transferring from earlier VAT Act to composition in GST is given in GST Act.
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
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Transporter Declaration form
- LC charges in relation to Asset purchased should be Capitalised ?
- Value of property in capital gain
- FORM 26A APPLICABILITY
- Copyright software
- Multiple trade mark
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
