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Tax on existing stock
A person wants to opt for composition scheme.. what about the tax liability of existing stock?
Replies (5)
if he is an trader and there is input available in last quarter return then he is eligible to full
credit input.
if he opt for composition then no input will be allowed and the details of stock of appointed day to be submitted
credit input.
if he opt for composition then no input will be allowed and the details of stock of appointed day to be submitted
My question is whether he is required to pay 1 on existing stock also
My question is whether he is required to pay 1 on existing stock also
yes.. he has to pay .5+.5 if he is a trader
but there is some condition
if there is no input then he has to refund input of available stock
and if he was already composition dealer then directly pay .5+.5 on total sales
if there is no input then he has to refund input of available stock
and if he was already composition dealer then directly pay .5+.5 on total sales
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