my partnership firm registerd in normal vat dealer now. I want to go compostion scheme
closing stock which is totaly purchased in state and vat paid.
input on this closing stock I used ( output-input)
if I go to compostion scheme then what rate of tax. pay on. closing stock.
vat 5.5
gst 18
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closing stock on 30.6.17
Replies (2)
no vat credit availed , and you have to pay tax on sales without availing any input credit
if you are manufacturer 2 % and if you are trader 1 % on supply of goods, you can not collect tax from custkner.
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