Tax liability on closing stock in composition scheme
This query is : Resolved
06 June 2017
i have stock of 5 lakh. all the vat input utilized. no input credit available. if I opt for composition scheme than will i need to pay tax on my closing stock?
CA R SEETHARAMAN
(Expert)
06 June 2017
Yes you need to pay 1% GST on closing stock at the time of sale.
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Suresh Mittal
(Expert)
08 June 2017
Yes. you shall pay tax on stock in hand as the ITC is already availed and utilised.
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