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?
CA Rashmi Gandhi
(Expert)
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.
CA Rashmi Gandhi
(Expert)
03 August 2017
18(4) is section from conversion in gst from normal to composition
CA Rashmi Gandhi
(Expert)
03 August 2017
No clarification about Transferring from earlier VAT Act to composition in GST is given in GST Act.
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