Gst on closing stock for cloth merchant
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 August 2017
I AM CLOTH MERCHANT. MY SALE IN LAST YEAR IS 40 LAC AND IN THIS YEAR UP TO TILL DATE TURNOVER IS 18 LAC. NOW I WILL APPLY FOR GST IN VOLETARY PROCESS AND IN COMPOSITION SCHEME. TODAY MY STOCK IS AROUND 12 LAC, IF I CAN APPLY FOR COMPOSITION SCHEME THAN WHAT IS GST RATE WILL BE PAID ON OLD STOCK I.E 5 % OR 1 %.
5
5
CA Altamush Zafar
(Expert)
03 August 2017
The rate under composition will be 1%.
CA Rashmi Gandhi
(Expert)
03 August 2017
You have to pay 5% on stock purchase from Unregister dealer..
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