Gst composition scheme

This query is : Open

Ekta Goyal (Querist)
Follow

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 ?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

27 June 2017 Taxable at rate mentioned in GST.

Ekta Goyal

Ekta Goyal (Querist)
Follow

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

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

27 June 2017 But you have to pay tax on such stock before opting composition scheme.

Ekta Goyal

Ekta Goyal (Querist)
Follow

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.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
Follow

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