gst on closings stock under composition scheme
This query is : Open
16 June 2017
I have closing stock of 5lakh which is vat paid @12.5% .in gst tax rate on this items are 28%. I have utilised all input vat with no vat input balance. now I want to opt composition scheme. does I need to pay gst @28% on my closing stock for getting composition scheme?
16 June 2017
No need to pay any GST 28% on closing stock.
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Guest
Guest
(Expert)
16 June 2017
Yes agree with seetharamanji provided such closing stock is not a result of interstate purchase,import or purchase from unregistered person.To understand Composition scheme see my video.
https://youtu.be/R_zW-zh5oYI
https://youtu.be/R_zW-zh5oYI
16 June 2017
Hi Somil,
Can you share with us that from which Rule or Section of GST Law it is coming that transition stock should not be interstate purchase, import or purchase from URD person, if person wants to apply for composition scheme?
Can you share with us that from which Rule or Section of GST Law it is coming that transition stock should not be interstate purchase, import or purchase from URD person, if person wants to apply for composition scheme?
Guest
Guest
(Expert)
17 June 2017
Please refer composition rules
17 June 2017
Hi Soumil,
Ya I got it under Rule 3(1)(b), thank you.
Ya I got it under Rule 3(1)(b), thank you.
18 March 2018
A regular dealer who migrated from VAT, having in his stock as on 1.7.2017 goods purchased interstate and has made interstate purchases thereafter also and his stock comprises of interstate and intrastate purchases having annual turnover of Rs.75 lacs willing to opt for composition w,e,f, 01.04.2018. Whether he can opt for composition ? Whether the answer would differ if the dealer does not have any opening stock as on 1.7.2017 but makes interstate purchase,and annual sales rs. 50 lacs in 17-18 and closing stock would comprise interstate purchases?
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