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Query Answer
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What are the GST provisions in respect of stock in hand at the time of closure of business? If dealer is a composition dealer.

Reply

As per Section 29(5) of the CGST Act 2017, every registered taxable person whose registration is cancelled shall pay an amount, by way of debit in the electronic cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock, or capital goods or plant and machinery, on the day immediately preceding the date of such cancellation or the output tax payable on such goods, whichever is higher.

As there is no input tax credit is available to a composition dealer, he is not supposed to pay tax on stock in hand at the time of closure of business.

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