Converted Regular To Composite For Gst

watch_later 1 year, 2 months ago


One registered  regular dealer converted to composite scheme.

1.composite dealer purchase of inter state eligible or not.

2.closing stock as on 31.03.2019 value 2 lacs amount tax payble or itc claim.

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1 Answer

Manoj Agarwal watch_later 1 year, 2 months ago

Yes, why not they Can purchase but can’t get ITC on that purchase. A Composition dealer under GST can purchase from other states and has to pay only 1% of sales to the government. But, he can’t claim the Input Tax Credit (ITC). Also, outward supply is restricted to intra-states only.

But if a person wants to switch from a normal Registration to the Composition Scheme, he will have to file an intimation in form GST CMP – 2 and form ITC – 03 with complete details of the ITC related to Inputs, semi-finished and finished goods held in stock.

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