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TMI BlogCOMPOSITION PERSON : WHETHER CLOSING STOCK IS TO BE TAXED AT THE TIME OF CANCELLATION OF REGISTRATIONX X X X Extracts X X X X X X X X Extracts X X X X ..... COMPOSITION PERSON : WHETHER CLOSING STOCK IS TO BE TAXED AT THE TIME OF CANCELLATION OF REGISTRATION X X X X Extracts X X X X X X X X Extracts X X X X ..... ervices Tax - GST X X X X Extracts X X X X X X X X Extracts X X X X ..... has a stock of ₹ 5,00,000/- no ITC was claimed. Please give your expert opinion regarding tax on closing stock. Whether the registered person is liable to tax under section 29(5). Reply By Alke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh Jani: The Reply: Sir, In this regards, I am of the view that no tax is to be paid under the given circumstances, for this purpose, Section 29 (5) clearly states .... the credit of input tax in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spect of inputs held in stock..." and on going through the definition of 'Input Tax' and 'Input Tax Credit' it is very clear that only ITC availed is required to be reversed or pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id for the stock held on the date. Thanks Reply By KASTURI SETHI: The Reply: A composition dealer cannot take ITC. It is not in dispute. Therefore, no ITC is involved on inputs, input services and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... capital goods and hence Section 29 (5) of SGST Act is not applicable to you. You are not required to pay GST on stocks held as on the date of surrender. I agree with Sh.Alkesh Jani ji. X X X X Extracts X X X X X X X X Extracts X X X X ..... Forum - Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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