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

Composition scheme eligibility depends on old stock sourcing; inter state or unregistered purchases affect eligibility and credit transition.
Composition scheme eligibility for a retailer depends on the character of closing stock as of the GST commencement date and the source of prior purchases; stock from inter state suppliers or unregistered sellers can preclude composition. On transition, VAT-era input credits lapse for a dealer who opts for composition, and inter state purchases affect eligibility though composition status does not per se prohibit inter state acquisition.