Gst composition scheme
This query is : Open
27 June 2017
Respected Members,
If a registered vat dealer having a closing taxable stock of 13.125% as on 30-6-2017 under vat act, wants to opt for composition scheme u/s 10 of Cgst, but he is not having any input credit carried forward as on 30-6-2017.So,in this case, how will this stock be treated ?
27 June 2017
Taxable at rate mentioned in GST.
27 June 2017
mam,how is this possible...the stock that would otherwise be taxable at 13.125% ...so as per ur answer will now be taxable at 1% because of opting composition scheme
27 June 2017
But you have to pay tax on such stock before opting composition scheme.
27 June 2017
on basis of which section are you concluding this and at what rate and under which act, I am supposed to pay the requisite tax as said by you.
27 June 2017
Sec 18(4)…........
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Foreign lottery ticket bought online from India: legality, tax and consequences
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Experts need help
- Putting a heading on received mail
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
