Composition
This query is : Open
vinod kumar
(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
If what is procedure to pay the availed itc and how
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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