Composition Scheme

96 views 4 replies
User Avatar

Article Assistant
25 Points Joined December 2015
Is a person who has opted for composition scheme under GST required to pay tax on the opening stock lying on 1st July 2017? And if yes, due date for the same?
0 Reply Share Follow
On 27 October 2017 at 13:00 Report
Replies (4)
User Avatar

"Do the Right Thing...!!!"
128147 Points Joined January 2015

Its. wrong understandings...

We can't pay tax on the stock... We just show the stock details..

Then we can sell and Pay the tax.... That's all

Reply
On 27 October 2017 at 13:08
User Avatar

Article Assistant
25 Points Joined December 2015
Sir, what if I was not a composition dealer in pre gst regime and i have utilised the vat itc available on the same?
Reply
On 27 October 2017 at 13:51
User Avatar

Article Assistant
25 Points Joined December 2015
I'm asking it in context of a trader.
Reply
On 27 October 2017 at 13:53
User Avatar

"Do the Right Thing...!!!"
128147 Points Joined January 2015
Yes...
If you are under GST as Regular Dealer and Also you have ITC in old regime. Then you can avail the benefit from TRAN 1 filing....

If you are opt to composition scheme then no way for utilize the previous ITC to GST regime...
Reply
On 27 October 2017 at 14:35


CCI Pro

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading