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Gst on closing stock for cloth merchant

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Querist : Anonymous

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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 %.










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CA Altamush Zafar

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CA Altamush Zafar (Expert)
03 August 2017 The rate under composition will be 1%.
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CA Rashmi Gandhi

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CA Rashmi Gandhi (Expert)
03 August 2017 You have to pay 5% on stock purchase from Unregister dealer..
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