Closing stock in gst for compostion scheme

If you opt for composition scheme in GST then no Input Tax Credit will be available in respect of goods in stock. You will have to pay tax on turnover at the rate of 1%. You will not be able to charge GST while selling the goods.

Mr deep we suggest you to first workout your closing stock and amount of existing tax involved. then accordingly choose which procedure suitable/benefit to your business i.e. go for composition scheme or to choose regular GST tax payment.

sir

my point is that presently i am in vat composition scheme with vat paid goods and purchases made in within state,my point is that what about the stock left out do i have to pay more tax on closing stock as there will be a change in tax rate on my goods???pls explain

In your case it would be as follows You would have to file a Stock Statement containing details of Closing Stock held on the date on which GST comes into effect in Form CMP-03. Further you would be required to pay tax on goods held in stock which have been purchased from Unregistered Persons under the reverse charge mechanism. In case of goods where VAT has already been paid no need to pay more tax.

WHEN I HAVE ONLY STOCK AND NOT HAVING ITC BALENCE IN LAST VAT RETURN ?

 

THAN WHAT WILL BE TREATMENT , IF I MIGRATE IN GST AS COMPOSITION DEALER ?

I was regular Dealer under VAT and there is closing Stock of Rs.15,00,000.00.

 

And now, I want to opt Composition Scheme.

 

Kindly let me know, What will be treatment for old stock?