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Liability of gst on stock upon cancellation of registrstion
Please explain the liability of GST on cancellation of registration by a Composit dealer on the stock he possess, and at what rate?
Replies (4)
According to me there is no tax liability regarding closing stock on composition dealer on cancellation of Registration.
Because there is not ITC credit taken by composition dealer on that stock as they require to pay GST at prescribed rate on turnover.
Because there is not ITC credit taken by composition dealer on that stock as they require to pay GST at prescribed rate on turnover.
As per GST provisions, Regular as well as Composition dealer both are required to pAy GST on closing stock at the time of cancellation of registration.
At what rate sir, i.e. either @ Composition or general
As per Section 29(3) of the CGST Act, cancellation of registration does not affect the liability of the person to pay tax or any other dues.
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