Am I required to pay GST on following stock on appointed day, if I am a composite dealer :
1. stock purchased from registered dealer under vat regime.
2. stock purchased from URD under previous regime.
also the rate (1% or rate applicable) is required to be paid on it
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Composition scheme
Replies (4)
u will have to under reverse charge on the goods purchased from un regi. dealers
to pay##
sir, I would like to know liability on stock as on 30 June 2017
As per Composition Rules - Rule 5 (1) The person exercising the option to pay tax under section 10 shall comply with the following conditions, namely:-
(c) the goods held in stock by him have not been purchased from an unregistered supplier and where purchased, he pays the tax under sub-section (4) of section 9.
It means he has to pay tax on Stock (if any from URD) available immediately before opting for Compopsition Scheme on RCM basis.
(c) the goods held in stock by him have not been purchased from an unregistered supplier and where purchased, he pays the tax under sub-section (4) of section 9.
It means he has to pay tax on Stock (if any from URD) available immediately before opting for Compopsition Scheme on RCM basis.
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