GST Composition Scheme
This query is : Resolved
08 February 2020
If we cancel registration of Composition Taxable Person in GST, then do we need to pay 1% on stock lying with him on the date of cancellation?
Please answer with and reasons and reference of relevant section or rules.
Please answer with and reasons and reference of relevant section or rules.
09 February 2020
Yes , you need to pay 1 % on stock lying with you.
Sec 29(5) of CGST Act - Every registered person shall pay an amount equivalent to credit of ITC in stock OR THE OUTPUT TAX PAYABLE ON SUCH GOOD , whichever is higher .
In case of composition , ITC will not be there hence output tax ie 1% , need to be paid .
Sec 29(5) of CGST Act - Every registered person shall pay an amount equivalent to credit of ITC in stock OR THE OUTPUT TAX PAYABLE ON SUCH GOOD , whichever is higher .
In case of composition , ITC will not be there hence output tax ie 1% , need to be paid .
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