SIR MY FIRM IS REGISTERED IN RAJASTHAN UNDER VAT SCHEME AND I WANT TO OPT COMPOSITION SCHEME UNDER GST ON APPOINTED DATE, I ASSUMED THAT CLOSING STOCK WILL BE HELD ON MY HAND OF RS 30 LACS APPROX ON APPOINTED DATE @ OF 14.5% ,WHAT IS THE TAX POSSITION ON SUCH CLOSING STOCK WHETHER I WILL PAY THE TAX @ 14.5% ON SUCH STOCK THAN I WILL BE ELIGIABLE FOR COMPOSTION SCHEME UNDER GST OR I CAN PAY THE TAX 1 % UNDER GST AS COMPOSITION DEALER.
Menu
Tax liability on closing stock
Replies (2)
No need to pay any tax on the closing stock. ITC if any on closing stock will lapse. A person opting for Composition Scheme is not entitled for any ITC. Tax rate for dealers in Composition Scheme is 1%.
if any list of GST tax rate in gujarat please send to
any retunr type for the GST WHAT ?
interstate purchase input tax credit is possible on gst ?
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
