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TMI BlogComposite dealer have stock as on 01/07/2017X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny credit ledger. Closing balance will not be carried forward. - Reply By Rajagopalan Ranganathan - The Reply = Sir, If the dealer has proper invoices evidencing payment of vat prior to 1.7.2017 he need not pay gst when he sells the old stock on or after 1.7.2017. This is my opinion. - Reply By pawan kumar - The Reply = in conposition scheme there is no tax on sales. earlier he has taken cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edit of vat on purchases. so i think on appointed day gst ob stock shold be paid to govt and he will be not eligible 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 Tax Any dealer registered under Composition Scheme will not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Scheme. I support the views of Sh.Pawan Kumar ji. - Reply By Pradeep Kaushik - The Reply = I have received goods return from my customer sold before 30 th june 2017 can i receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d goods through debit note and suggest for gst law for this transaction - Reply By RAMESH PRAJAPATI - The Reply = If 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 fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r refund as per section 142 (1) of the CGST Act 2017 ( reproduced below). 142. (1) Where any goods on which duty, if any, had been paid under the existing law at the time of removal thereof, not being earlier than six months prior to the appointed day, are returned to any place of business on or after the appointed day, the registered person shall be eligible for refund of the duty paid und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the existing law where such goods are returned by a person, other than a registered person, to the said place of business within a period of six months from the appointed day and such goods are identifiable to the satisfaction of the proper officer: Provided that if the said goods are returned by a registered person, the return of such goods shall be deemed to be a supply. - Composite deal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er have stock as on 01/07/2017 - Query Started By: - pawan kumar Dated:- 12-8-2017 Goods and Services Tax - GST - Got 7 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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