Regarding payment of tax on closing stock

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Vikas (Querist)
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31 May 2019 I'm composition dealer . I had migrated from VAT to composition scheme. Now I am served with a notice from excise department to deposit tax on closing stock as on 30 June 2017. Do I have to deposit tax?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 June 2019 If you are a manufacturer not paid excise duty earlier on stock held you have to pay excise duty.

Vikas

Vikas (Querist)
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03 June 2019 No. i m in a retail business of readymade garments.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 June 2019 If you have claimed VAT credit on stock held on 30/06/2017 you have to deposit that amount as per notice.

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