Composition scheme
This query is : Resolved
rishabh bhatia
(Querist)
04 July 2017
Dear,
I have a query regarding composition Scheme, One of My Friend is Trading in Cloths, His last year turnover is Rs 45 Lacs, his purchase of cloth is outside the state i.e he is not purchasing within the state.
Can he opts for a composition Scheme and He also had some stock in his hand as on 30 June. so whether any details of Stock is to be given to department regarding the stock as earlier there is no VAT levy on cloth trading.
Please Suggest.
I have a query regarding composition Scheme, One of My Friend is Trading in Cloths, His last year turnover is Rs 45 Lacs, his purchase of cloth is outside the state i.e he is not purchasing within the state.
Can he opts for a composition Scheme and He also had some stock in his hand as on 30 June. so whether any details of Stock is to be given to department regarding the stock as earlier there is no VAT levy on cloth trading.
Please Suggest.
CA R SEETHARAMAN
(Expert)
04 July 2017
He can opts for a composition Scheme provided he is selling within the state. No stock details need to be furnished as he is not eligible to claim ITC.
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