Whether a person having turnover much below ₹ 75 Lakhs (Rs. 50 lakhs as the case may be) as on 30-6-2017, and having stock of goods purchased against C form, F form etc. or import goods or inter-state purchases, is eligible for availing the benefit of Composition Scheme under GST?

Rule 5 - Conditions and restrictions for composition levy

Central Goods and Services Tax Rules, 2017

The answer is No.

Any registered person who is holding stock on the appointed day i.e. 1.7.2017, can not avail the benefit of composition scheme if he fails to fulfill the conditions of Rule 5(1)(b) which states that:

" (b) the 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 3; "

Dated: 23-7-2017