Is any tax liability of exercise composition option? If opt composition scheme under section-10.

I have taxable stock of Rs 10 Lakh but VAT credit is Nil. I want to opt composition scheme under section 10. There is any tax liability at the time of exercise composition option?

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1 Answer(s)

Yes you have to pay tax on taxable stock of rs 10 lakh.

Answered on July 16, 2017.
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Gen GST