Goods and Services Tax – Started By: – pawan kumar – Dated:- 12-8-2017 Last Replied Date:- 14-8-2017 – if dealer have opt composition scheme . he have stock of ₹ 10 lakh(vat paid) as on appointed day of gst i.e is 01.07.2017. Does he have to pay gst on his closing stock of rs. 10 lakh to opt for composition scheme.will he get ITC on his stock – Reply By RAMESH PRAJAPATI – The Reply = If a dealer opts for composition scheme, he will not be allowed to claim ITC In fact he will not have any credit ledger. Closing balance will not be carried forward. – Reply By Rajagopalan Ranganathan – The Reply = Sir,If the dealer has proper invoices evidencing payment of vat prior to 1.7.2017 he need not pay gst when he sells the old stock on or after
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
cheme. I support the views of Sh.Pawan Kumar ji. – Reply By Pradeep Kaushik – The Reply = I have received goods return from my customer sold before 30 th june 2017 can i received goods through debit note and suggest for gst law for this transaction – Reply By RAMESH PRAJAPATI – The Reply = If goods was supplied to a registered person before GST era and they have taken cenvat credit of excise duty, the customer should return the goods under their Tax Invoice after payment of GST enabling supplier to take ITC. If the customer was not registered, the supplier should go for refund as per section 142 (1) of the CGST Act 2017 ( reproduced below). 142. (1) Where any goods on which duty, if any, had been paid under the existing law at the time of r
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =