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Composition

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(Querist)
09 July 2017 As on 30 June 2017 , i have stock amounting to rs. 15 lakhs on which i have claim ITC @ 14% = Rs. 2,10,000. Now if i opt for Composition scheme under GST , do i need to pay rs. 2,10,000 to the credit of central & state govt. proportionatly.

If what is procedure to pay the availed itc and how
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
09 July 2017 Yes then you have to pay tax over it. You have to declare your stock & pay tax by following procedure prescribed within 2-3 days.
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