Composition scheme

This query is : Resolved

rahul (Querist)
Follow

05 July 2017 I am carrying of retail cloth business and unregistered dealer under earlier law (i.e. VAT & excise) bcz cloth was exmpted goods in the previous law. Now under GST cloth is taxable goods. Our Annual turnover 40.00 lakhs (Approx). All the stock as on the appointed day is purchased from Unregistered dealer. Stock held as on 30/06/2017 included purchases from outside state & unregistered dealer. My Q. is- 1) Can I opt. composition scheme under GST? 2) Whether any details of closing stock as on 30/06/2017 is to be given to department regarding the stock as earlier there is no VAT levy? 3 ) If yes, then in which format. 4) if i want to go for composition scheme, then first to pay tax on the basis of reverse charge on our stock, or is there any specific expemtions to new registration made on the appointed day.

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

05 July 2017 01. If you intend to continue purchasing from OUTSIDE of your state, you can NOT opt for composition. So first decide on this side and then get confused with other query.
02. If you intend to stick to purchase only from within the state, you can opt for composition even if your stock is purchased from outside state..... In this case no need to upload your stock as such, because you are not going to get any ITC on your stock.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now