Conversion regular to composite for gst
This query is : Resolved
20 March 2019
One registered regular dealer converted to composite sceheme.
Composite dealer purchase of inter state eligible or not.
Closing stock as on 31.03.2019 value amount tax payble or itc claim.
Composite dealer purchase of inter state eligible or not.
Closing stock as on 31.03.2019 value amount tax payble or itc claim.
21 March 2019
When switching from normal scheme to composition scheme, the taxpayer shall be liable to pay an amount equal to the credit of input tax in respect of inputs held in stock on the day 31 March 2019 )immediately preceding the date of such switch over. The balance of input tax credit after payment of such amount, if any lying in the credit ledger shall lapse.
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