Stock difference tax applicable on composite rate or normal rate

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

24 November 2024 Sir,
Registered composition scheme dealer stock difference found rs:4 lacs visiting by gst officer in dealer principal place
Question:
Dealer stock difference value rs:4 lacs tax applicable on composite rate (1 precentage) or normal rate (5 precentage) for gst act

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

25 November 2024 In the case of stock difference, the tax liability would arise on the value of the short-stocked goods. The tax rate applicable would be the normal GST rate applicable to the goods, which in this case is 5%.

Message likes : 1 times