Composition scheme
Querist : Anonymous
Suppose a Trader registered under regular GST regim, wants to opt for Composition Scheme of GST.
He is having stock of local purchases Rs. 15 Lacs as on 30th June 2017
Whether he is liable to pay tax i.e. VAT on stock held (Input tax credit availed on stock) , before opting for Composition scheme ?
Querist : Anonymous
Querist : Anonymous
one more query please...
for opting for composition scheme dealer has to fulfill one condition, i.e. his closing stock as on 30th June 2017 should not contain inters-state purchases..... right...
Suppose a dealer do not disclose his interstate purchases included in closing stock.
In this case can dealer opt for composition scheme ?
If his previous year's turnover is below 20 Lacs and closing stock around 15 Lacs.
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