COMPOSITION PERSON : WHETHER CLOSING STOCK IS TO BE TAXED AT THE TIME OF CANCELLATION OF REGISTRATION

COMPOSITION PERSON : WHETHER CLOSING STOCK IS TO BE TAXED AT THE TIME OF CANCELLATION OF REGISTRATION https://www.taxtmi.com/forum/issue?id=115854 A composition registrant who has not availed input tax credit is not required under Section 29(5) to pay tax on closing stock at the time of cancellation; because composition dealers cannot claim input tax credit, the reversal/payment obligation for inputs held in stock does not arise where no ITC was claimed. en-us Sat, 04 Jan 2020 16:06:55 +0530 Thu, 23 Jan 2025 15:54:52 +0530 TaxTMI RSS Generator COMPOSITION PERSON : WHETHER CLOSING STOCK IS TO BE TAXED AT THE TIME OF CANCELLATION OF REGISTRATION https://www.taxtmi.com/forum/issue?id=115854 A composition registrant who has not availed input tax credit is not required under Section 29(5) to pay tax on closing stock at the time of cancellation; because composition dealers cannot claim input tax credit, the reversal/payment obligation for inputs held in stock does not arise where no ITC was claimed. Discussion-Forum GST Sat, 04 Jan 2020 16:06:55 +0530 https://www.taxtmi.com/forum/issue?id=115854