I am in gst regular till now,
if i opt for composition scheme
what about stock
i have to pay any tax on stock?
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stock position
Replies (2)
No...
You ll reverse Your ITC for the Stock...
After opt composition then You pay GST Tax based on Your sale value.
You ll reverse Your ITC for the Stock...
After opt composition then You pay GST Tax based on Your sale value.
Switching from normal scheme to composition scheme, 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 such switch over. The balance of input tax credit after payment of such amount, if any lying in the credit ledger shall lapse.
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