Hi
I have a few queries regarding GST
1. I have a propreitorship retail shop dealing in fabrics both manmade and natural. Pre-GST there was no tax on fabrics and as such all my purchases were tax free.
Now there is 5% GST on fabric.
My question is am I eligible for any ITC on the pre-GST tax free stock held as on 30th June 2017?
2.My second query is..I have heard that we have to upload our complete stock holding as on 30th June 2017. Is this true? And if it is can someone please explain it is in which context?
3.At our shop we sell fabrics as well as limited quantity of readymade Trousers and Shirts which I get made through JobWork under our own brand. The person through whom I get it stitched does not have a GST number and probably wont take one. If I still continue to work with him what would be the tax scenario in such a case?
4. I am eliglibe for the composition scheme. If I opt under it what would be the applicable tax rate for me: Manufacturer (1%+1%) or Other Supplies(0.5%+0.5%)
Would appreciate any help on the matter. Thank you
CAclubindia
