As per Transitional Rules, if a job worker or agent is not registered under GST, then the principal has to file FORM GST TRAN-1 within 90 days from the appointed date, the closing stock held in form of inputs, semi-finished goods or finished goods.
GST Tip – 223
As per the Composition Rules, a person is not eligible to take registration under the composition scheme if he is required to pay taxes under reverse charge on the closing stock or if he is having goods imported from any place other the state outside the state from where is he opting to take registration under composition scheme.
GST Tip – 221
As per Composition Rules, the person who wants to pay tax under Composition Scheme has to file FORM GST ITC-3 for within 60 days to identify and pay the amount of ITC to be reversed on the closing stock of finished goods, capital goods or inputs, semi-finished goods on which input tax credit has bee availed.
GST Tip – 146
GSTR – 10 is a Final Return to be filed by the taxpayer when he surrenders his tax registration number. The return will show a statement of input tax credit to be paid on the closing stock on which input tax credit has been availed previously when goods were purchased.
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