COMPOSITION SCHEME

[Shreyansh Agrawal]

Dear Experts,

My Client has opted under composition scheme in GST. Still there is no Comp-3 Form Found in GST Portal but there is Transition Form under GST Portal. Whether we have to give details of stock in Trans 1 Form (if yes then where it has to be disclosed) or they will be seperatly issue new form (i.e Comp-3) in portal.

[KASTURI SETHI]

TRANS -1 is not meant for you. It is meant for those who are eligible to take ITC on the basis of closing balance as on 30.6.17 in ST-3 return, CE returns and VAT returns.

[Himansu Sekhar]

You cannot take the ITC. No requirement of filling the tran 1 from

[DR.MARIAPPAN GOVINDARAJAN]

Composition scheme does not allow you to take input tax credit. Therefore there is no necessity for you to use the TRAN - 1 form.

[Shreyansh Agrawal]

Dear Experts,

Comp 3 form is not available in GST portal, then where to give report of stock intimation??

AI Summary

Composition scheme prohibits input tax credit; transition form not required for such taxpayers, stock reporting mechanism unclear. Composition scheme taxpayers cannot claim input tax credit, so the TRAN 1/transition form intended for claiming transitional credit is not applicable to them; advisers therefore state no requirement to file TRAN 1. The remaining practical issue is that the Comp 3 form for stock intimation is not available on the portal, leaving uncertainty about the mechanism for composition taxpayers to report stock.