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Mandatory to file a Stock Intimation - GST Ready Reckoner - GSTExtract Mandatory to file a Stock Intimation Stock Intimation for composition levy As per [ Rule 3 sub rule 3] Any registered person who opts to pay tax under section 10 in addition to filing the application for intimation to opt for Composition Levy, he would also require to file a Stock statement under FORM GST ITC-03 within 60 days of the date from which Composition Levy is sought. As per [ Rule 3 sub rule 3A] a person who has been granted registration on a provisional basis as per Rule 24 or who has been granted certificate of registration under sub-rule (1) of rule 10 may opt to pay tax under section 10 In addition to filing the application for intimation to opt for Composition Levy, he would also require to file a Stock statement under FORM GST ITC-03 within 180 days of the date from which Composition Levy is sought. In case of default Pushed Out of Composition Levy by appropriate Proceeding The application to opt for Composition Levy is not subject to approval by the tax authorities. On filing of the application, you are marked as a composition taxpayer in the system and consequential changes are made in the system. However, in case it is found that you were not eligible for the Composition Levy or have not filed Stock Intimation, you would be compulsorily pushed out of the Composition Levy by initiating appropriate proceedings. Incorrect Details may initiate demand proceedings Stock Intimation filed by you is not subject to according by State Centre Tax Authorities. However, in case it is found out by the tax authorities that the particulars of stock and ITC reversal furnished in the Stock Intimation are incorrect, the tax authorities can initiate appropriate demand proceedings from back office against you.
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