person migrated from vat to gst, opting composition scheme, and having goods purchased from unregistered dealers in his stock......would he liable to pay GST on RCM basis on the above stock?
A dealer trading in textiles which was tax free in vat regime having turnover more than 75 lakh during previous year i.e. 2016-17. Now he is applying for registration under GST, can he opt for composition as a new dealer ? If yes then any liability on closing stock of textiles ? Considering new registration whether condition of preceeding year turnover is applicable to such dealer ? Please reply & clarify the issue
you cannot opt composition scheme....aggregate turnover includes exempted turnover.....further there is no specific provision, either in act or in rules, for exempting new registrations from the above condition........
CAclubindia
