TaxTMI 
TaxTMI 
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
Composite dealer have stock as on 01/07/2017
12 Aug 2017 
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Composition scheme ITC denial on preappointed-day VAT-paid closing stock; tax outcome hinges on invoice evidence and return route.
A dealer electing the composition scheme cannot claim or carry forward input tax credit on pre-GST VAT-paid closing stock; if valid pre-GST invoices exist, one view holds no further tax is payable on subsequent sale of that old stock, while another view requires GST to be paid on closing stock at transition with no ITC. Returns of goods supplied before transition by unregistered persons may follow a refund route for duties paid, whereas returns by registered persons are treated as supplies. (AI Summary)
A dealer electing the composition scheme cannot claim or carry forward input tax credit on pre-GST VAT-paid closing stock; if valid pre-GST invoices exist, one view holds no further tax is payable on subsequent sale of that old stock, while another view requires GST to be paid on closing stock at transition with no ITC. Returns of goods supplied before transition by unregistered persons may follow a refund route for duties paid, whereas returns by registered persons are treated as supplies. (AI Summary)