Composition scheme rate under 7500000 turnover

1% for retailers and 2% for manufacturers.

I am an Interstate Purchase, but not Interstate Seller. Turnover is around 50 Lac per annum. There is Interstate Purchased Stock lying at my workplace by 1st July 2017. Can I and How can I opt for GST Composition Scheme?

yes you can.....unlike earlier vat laws, in gst you can opt for composition scheme even if you purchase goods in the course of inter state transaction, as gst is an consumption based tax. but you should not make any inter state sales.

Thanks for replying sir. But the rules for Composition Scheme, which are mentioned on cbec.gov.in, explains that I should not have any Stock lying with me which is Interstate Purchase at the time I get registered for Composition Scheme. This is what is Tricky thing, and I cannot understand this. Govt could ask for Extra Tax on Goods lying, but they are just refusing such a person to get registered under Composition Scheme.

you are right but you can still take registration by paying gst at regular rate on the value of such stock under reverse charge basis....