CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Conversion from Regular to Composition scheme

This query is : Resolved 

Retailer dealing in Mens wear, having GSTIN in regular scheme till 31.03.20 wants conversion from regular to Composition scheme wef 01.04.20.

Query 1 : Does GSTIN holder has to pay GST on closing stock as on 31.03.20 on which already GST credit has been taken when the same were purchased under Regular scheme ?

Query 2: If yes then, Can CENVAT Credit as on 31.03.2020 if any can be adjusted against tax liabilty of GST on stock in hand as on 31.03.2020 ?


Yes in case of regular tax payer shifting to composition he has to reverse input credit already claimed by him on closing stock standing just before applying for composition levy in terms of Section 18(4)(a) and shall also b e required to file ITC-03 declaring the closing stock.


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


Click here to login now



Similar Resolved Queries :





Trending Tags
shares stock
coronavirus
corporate law
csr
Professional Resource
students
epfo
eway bill
sebi
traces
companies act 2013
gst council meeting
gst
gstr 9
tcs
unified portal
income tax
ca students
ca exams may 2020
tds
audit
VAT
ca
aatmanirbhar bharat

GST Live Class    |    x