Composite dealer have stock as on 01\/07\/2017
Query (Issue) Started By: – pawan kumar Dated:- 12-8-2017 Last Reply Date:- 14-8-2017 Goods and Services Tax – GST
Got 7 Replies
GST
if dealer have opt composition scheme .
\n 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.
\nwill he get ITC on his stock
\nReply By RAMESH PRAJAPATI:
\nThe Reply:
\nIf 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.
\nReply By Rajagopalan Ranganathan:
\nThe Reply:
\nSir,
\nIf the dealer has proper invoices evidencing pa<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eply By KASTURI SETHI: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Composite dealer have stock as on 01\/07\/2017 Query (Issue) Started By: – pawan kumar Dated:- 12-8-2017 Last Reply Date:- 14-8-2017 Goods and Services Tax – GSTGot 7 RepliesGSTif 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 … Continue reading “Composite dealer have stock as on 01\/07\/2017”<\/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-7133","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7133","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=7133"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/7133\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nThe Reply:
\nOld stock as on 1.7.17 will fall under Composition Scheme. I support the views of Sh.Pawan Kumar ji.
\nReply By Pradeep Kaushik:
\nThe Reply:
\nI 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
\nReply By RAMESH PRAJAPATI:
\nThe Reply:
\nIf 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).
\n142. (1) Where an<\/p>\n
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