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Composite dealer have stock as on 01/07/2017

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 c .....

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ible to take credit of this gst..... - Reply By KIRTIKUMAR PUROHIT - The Reply = I Agree with Pawan Kumar View: No ITC available on Balance stock on 30.06.2017 if intend to avail composition scheme. No Credit of Input TaxAny dealer registered under Composition Scheme will not be eligible to take credit of Input Tax credit on purchases. Also, the buyer of those goods will not get the credit of taxes paid. - Reply By KASTURI SETHI - The Reply = Old stock as on 1.7.17 will fall under Composition Sc .....

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