please let me know that what shall be the liability of GST on stock held on 30.6.2017, for a composite dealer who has no ITC credit on such date.
thanks
Under Composite Scheme, there are 3 different rates for three types of Taxable Persons.
5% for Restaurants
2 % for Manufacturers
1 % for Others (other than Service Providers) , It includes Traders.
So, check what kind of Taxable Person
Then 1% is required to be paid and no ITC can be availed.
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