Can i register under composite scheme with dute paid old stock?

I have no fresh purchases but import duty paid 5-6 years old stocks whose liquidation is main purpose of the company. Can I register under composite scheme paying 1% tax as turnover will be below 75lacs?

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6 Answer(s)

Yes u can

Answered on June 17, 2017.
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But no input credit will be available for you.

Answered on June 17, 2017.
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Yes..no special provision to exclude your case from composition..You need to check for Inter state sale criteria.. for further details mail to sachinefiling01@gmail.com

Answered on June 17, 2017.
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Yes

Answered on June 17, 2017.
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Furthur….my all sales will be inter state only as billing warehouse in U.T. of dadra and nagar haveli from where despatched be done to all India. So am I covered in composition tax below 75lacs

Answered on June 17, 2017.
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No sir. the situation is similar to VAT laws, inter state sales means no composition

Answered on June 17, 2017.
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Your Answer

Gen GST