A person's on whose goods vat is not applicable but now gst is applicable and he opts composition scheme then what's is the provision related to its opening stock....
Will he pay gst on his opening stock....
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query related to opening stock
Replies (4)
No. He will have to pay the tax on the opening stock for which he has claimed input VAT or excise input during earlier laws before 1st July
In your case as u are mentioning VAT was not applicable you would not have claimed VAT input hence no tax now.
But you have to declare those items
In your case as u are mentioning VAT was not applicable you would not have claimed VAT input hence no tax now.
But you have to declare those items
So what we need to do in this situation where to declare those items under which form....
hey there, juz wanna know that like textile traders, my product was exempted under previous tax regime, but now i have to pay GST, I had to declare the stock held on 30/06/2017 or not??? under which tile of TRANS 1?
If you are a composition dealer in GST then u need not to file TRANS1. But there is a option for composition dealer to fill the stocks held as on 30th June. This option can be seen when you log in to your portal. Then open profile. After the opening the profile you will see on your left side this option.
BUT PLEASE NOTE THIS OPYION IS NOT YET AVAILABLE AS FILING DATE FOR COMPOSITION DEALER IS NOT YET FINALISED
BUT PLEASE NOTE THIS OPYION IS NOT YET AVAILABLE AS FILING DATE FOR COMPOSITION DEALER IS NOT YET FINALISED
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