Sir,
When I have closing" taxable stock" at the time of migration, on which ITC already consumed against output.
So what was the transitional proses of that kind of goods,
- M I liable to paid on reverse charge basis ?
Or
- pay only @ 1% on sale only?
Note : at present I am an composition dealer.
Please answers when sure.
Thanking you
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Transition under composition scheme
Replies (3)
pay tax only on goods sold . no question of availing credit in case if you don't file itc in your last vat return. No RCM as you have the closing stock which is tax paid.
I change Gst to composition can I pay Gst on old stock?
if u were in normal in vat and now change to composition u will have to reverse your ITC utilised of closing stock
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