can you explain meaning of......
when switching from normal scheme to compostion scheme the taxpayer shall be liable to pay an amount equal to the credit of input tax in respect of inputs held in stock. on the day immediately preceding the date of switchover
sir
what is the meaning of ..
taxpayer shall pay an amount equal to the credit of input..
.
tax
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compostion. can you explain meaning of... .
Replies (1)
It means For Ex. you have a stock of Rs. 100000 on which you paid GST @ 18% say Rs 18000 on the date of switcover. If you alredy tale input Tax Credit of this 18000 or part thereof You have to pay this amount back i.e. ITC will be reversed
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