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Composition scheme
i have stock of oms purchase on 30 june 2017 and turnover is below 75 lack i am liable to composition scheme under gst
Replies (6)
composition scheme is not a mandatory provision....its your decision if you want to opt it or not as per your convenience if you turnover is below 75 lacs
sir i no that composition scheme is not compulsary but my problem is that my tax consultant is saying that if i have a stock of other state ( oms purchase ) on 30 june i cannot take the composition scheme as per gst rule.
no it's completely wrong if he is saying like that.....you can always opt for composition scheme if you turnover is below 75 lacs ... Even the new composition scheme allows you to purchase Goods from outside state as well.the only thing is that you cannot sell outside your state.
ask him to read out from gst act about this provision in front of you...
ask him to read out from gst act about this provision in front of you...
OK sir but can I get setoff of my closing stock as per gst rule about 40 and 60 % which is getting on stock declare of 30 june
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