Opening stock under Composition Scheme
Query (Issue) Started By: – Kavita Sharma Dated:- 14-7-2017 Last Reply Date:- 14-7-2017 Goods and Services Tax – GST
Got 5 Replies
GST
Under composition rules, a dealer can not opt for composition scheme if his stock on the appointed day contains 2% CST Stock.
\nMy query is this, whether there is any way that he can opt for Composition scheme by paying the difference tax as in the case of stock purchased from unregistered dealer?
\nRegards
\nKavita Sharma
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nA registered person, whose aggregate turnover in the preceding financial year did not exceed seventy five lakh rupees, may opt to pay, in lieu of the tax payable by him, an amount calculated at such ra<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n scheme. His stock on the appointed day contains inter-state purchases i.e. on 2% CST. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Opening stock under Composition Scheme Query (Issue) Started By: – Kavita Sharma Dated:- 14-7-2017 Last Reply Date:- 14-7-2017 Goods and Services Tax – GSTGot 5 RepliesGSTUnder composition rules, a dealer can not opt for composition scheme if his stock on the appointed day contains 2% CST Stock. My query is this, whether there is any … Continue reading “Opening stock under Composition Scheme”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-6058","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6058"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/6058\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nIn terms of Rule 3(1) of the Composition Rules, the person exercising the option to pay tax u\/s 10 i.e Composition levy, he has to comply with the certain cumulative conditions, out of which one condition is:-
\nThe Goods held in stock by him on the appointed day have not been purchased in the course of inter-state trade or commerce or imported from a place outside India or received from his branch situated outside the State or from his agent or principal outside the State, where the option is exercised under sub-rule (1) of Rule 1
\nIn view of above rule , please review my query
\nRegards
\nReply By KASTURI SETHI:
\nThe Reply:
\nAfter going through the above pr<\/p>\n
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