Gst on closing stock - sarees
Ram Prakash
(Querist) 06 June 2017
This query is : Resolved
There is no VAT on sarees in Delhi. Now it has come under GST tax bracket with rate of 5%. I am willing to take composition scheme under GST.
My queries :
1. Whether I have to pay GST on closing stock on 30 June ?
2. How much time will be given for this payment ?
3. Which rate is payable under GST under composition scheme for trading of Sarees. 1% or 0.5% ?
4. Any other relevant guidance.
P. Venu
(Expert) 07 June 2017
The matter requires professional consultation.
Rajendra K Goyal
(Expert) 07 June 2017
Discuss in detail with local tax consultant.
Surrender K Singal
(Expert) 12 June 2017
GST is not to be paid on stock as on 30.06.2017 but will be sold with aplicable GST for then depositing as GST collected on sales of those stock sarees. No panic
