GST Composition Scheme
This query is : Resolved
CA Amit Sarjani
(Querist)
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.
CA Anita Bhadra
(Expert)
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 .
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
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
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
