Tax on stock on cancellation by composition dealers?
This query is : Resolved
Gaurav Mahajan
(Querist)
19 April 2019
I am a composition dealer. I want to cancel my registration on account of turnover below Rs. 40 lacs. I have a stock of around 3 lacs as on 31st March 2019. Whether i am supposed to pay tax on such stock?
Amol S Joglekar
(Expert)
19 April 2019
No. Since you have not opted any ITC on purchases
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