Query on Composition Levy
This query is : Resolved
NARESH SHAH
(Querist)
07 July 2017
In case a person registered under VAT whose turnover is less than 75 lakhs in previous Financial Year, can he opt for compositions scheme w.e.f 01-07--2017. whether he is liable to pay tax for reversal of input on closing stock as on 30th June 2017 (as already availed input credit on purchases as per monthly returns under VAT )
CA R SEETHARAMAN
(Expert)
07 July 2017
He can opt for compositions scheme w.e.f 01-07--2017. No need of any reversal of input on closing stock.
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