stock intimation for composition

[ajay prajapati]

how to calculate tax on closing stock forcomposition dealer in cmp 03... like we have item in gst rate 18%....

[ANITA BHADRA]

In my opinion ,CMP 03 - you need to indicate value of closing stock in coloum 7 & 8 respectively :-

Stock of purchases from registered person

Stock of purchases from unregistered person

You have to give bifurcation of value & actual taxes paid thereon .

No separate calculation is required.

Regards

[ANITA BHADRA]

CMP 03 seeks value of stock purchased from registered and unregistered dealers . You need not to calculate tax on closing stock . Simply indicate value and tax paid there on in coloum 7 & 8 of CMP-03

Regards

AI Summary

Clarification on CMP-03: No Separate Tax on Closing Stock; Report Value and Taxes Paid for 18% GST Items. A user inquired about calculating tax on closing stock for a composition dealer using CMP-03, specifically for items with an 18% GST rate. The response clarified that CMP-03 requires indicating the value of closing stock from registered and unregistered purchases in columns 7 and 8. It was emphasized that no separate tax calculation on closing stock is needed; instead, the value and actual taxes paid should be provided.