Regarding payment of tax on closing stock
This query is : Resolved
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
(Expert)
02 June 2019
If you are a manufacturer not paid excise duty earlier on stock held you have to pay excise duty.
CA R SEETHARAMAN
(Expert)
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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