Gst composition scheme
This query is : Open
Ekta Goyal
(Querist)
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
(Expert)
27 June 2017
Taxable at rate mentioned in GST.
Ekta Goyal
(Querist)
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
(Expert)
27 June 2017
But you have to pay tax on such stock before opting composition scheme.
Ekta Goyal
(Querist)
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
(Expert)
27 June 2017
Sec 18(4)…........
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