Gst rate
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 August 2017
Medicine Shopkeeper was unregistered under VAT/CST or other applicable laws( only hold Drug Licence). on 1st July, 2017 he hold Medicine stock of Rs. 11 Lacs (Proper invoice Evidence hold my him). Now he want to GST Registration under Composition Scheme. I want to know that what is GST rate applicable on such stock. Is it 1% or Normal GST Rate. if Normal GST Rate applicable than can he take any credit of previous tax paid under VAT
CA R SEETHARAMAN
(Expert)
06 August 2017
1% GST applicable on stock held.
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