Return for stock held

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rahul agrawal (Querist)

23 September 2017 A retail trader who is dealing in cloth business and has registered under GST composition scheme. On 1st july he holds stock of 1 lakh which was purchased from registered dealer . As no tax was paid on existing stock . Trader was not registered under vat . Which return he has to file for GST compliance?? whether any tax liability arises?? plz clarify me

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)

25 September 2017 Generally Trans-1 is filed for the claiming input tax on the existing stock on which indirect tax like VAT, Excise etc was paid. In your case, the input cannot be taken as the tax was not paid. You need not file Trans-1. Other returns have to be filed.

rahul agrawal

rahul agrawal (Querist)

25 September 2017 thank u for responding my query ...but still my query has not solved. As you said other return has to file, what is other return???

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)

26 September 2017 Other returns includes GSTR-1, GSTR-2, GSTR-3 and Form 3B

RAJA P M online

RAJA P M

(Expert)

26 September 2017 If you are composition dealer then you don't want file TRAN 1. Also you can sell the stock and pay the tax as per composition scheme...

rahul agrawal

rahul agrawal (Querist)

28 September 2017 @Amrita chattopadhyay... mam , can u tell me how many no. of clients have u filed GSTR 1,2,3,3b for composite dealer.

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