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?
08 February 2020
No this requirement is not there for a composition dealer as he is not availing ITC on inputs.
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08 February 2020
Thanks for your reply. However, just for clarification, It is mentioned in the GST Act that at the time of cancellation, taxable person is supposed to pay amount equal to ITC or output tax, whichever is higher. In this case, ITC would be zero, but output tax is 1% , hence, liability would not come out to be 1%? I am not sure but asking you for further clarification.
08 February 2020
this requirement is only for taxable person who is registered as a regular dealer. In case before cancellation his credit ledger balance is showing he needs to reverse the same.
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