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GST Composition Scheme

This query is : Resolved 
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(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.
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CA Anita Bhadra

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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 .
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