how to brought forward old stock

[chandan arora]

hello

sir, i am a retailer of paint and hardware and plywood goods, however on the date 30/6/17 i have stock of the value 30 lacs, and i am a tin number holder. i used to file vat returns, and all of my purchases was from ltd compnies ( asian paints, nippon paints) , or from the distibuters who are registerd under vat system. as now G.S.T arrived so according to my sale of last finacial year was 56 lacs, so i chosse composition scheme of G.S.T , as i read that now i only need to pay 1 % on my entire sale of this year. that is all clear.

what some advocates are saying that as i was a tin number holder thats why i have to pay some taxs on my old stock with rates accordingly .

here i want to know what will happen to my old stock, should i pay only 1% or there should be anything else . ?

AI Summary

Retailer Queries GST Impact on 30 Lakh Old Stock; Composition Scheme Eligibility Clarified, VAT Credits to Lapse A retailer of paint and hardware goods inquired about the tax implications on old stock valued at 30 lakhs under the new GST regime, having previously filed VAT returns. The retailer opted for the GST composition scheme, which requires paying 1% on total sales. However, there was confusion about whether additional taxes were due on old stock. Responses clarified that if the stock involved inter-state sales or purchases from unregistered dealers, the retailer would be ineligible for the composition scheme. Otherwise, they could proceed with the scheme, but VAT credits would lapse.