Composite scheme
This query is : Open
12 August 2017
What about the treatment of closing stock as on dated 30/06/2017. If i will opt composite scheme for the FY 2017-18 then how to claim ITC and which form i have to fill and what is the last date of submission.
And
my another question is that i have read this paragraph mentioned below
"Credit on duty paid stock when Registered Person does not
possess the document evidencing payment of excise duty/VAT
Credit would be allowed after the GST is paid on such goods
subject to the condition that the benefit of such credit is passed
on to the customer by way of reduced prices."
Can somebody please make me understood about this paragraph with example.
Thanks in advance
And
my another question is that i have read this paragraph mentioned below
"Credit on duty paid stock when Registered Person does not
possess the document evidencing payment of excise duty/VAT
Credit would be allowed after the GST is paid on such goods
subject to the condition that the benefit of such credit is passed
on to the customer by way of reduced prices."
Can somebody please make me understood about this paragraph with example.
Thanks in advance
CA Suresh Jain
(Expert)
13 August 2017
If you opt for composition scheme, no ITC shall be available.
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