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Is it mandatory to file a Stock Intimation? How do I file a Stock Intimation?

QuestionsCategory: GSTIs it mandatory to file a Stock Intimation? How do I file a Stock Intimation?
NidhiJain Staff asked 1 month ago

Is it mandatory to file a Stock Intimation? How do I file a Stock Intimation?

1 Answers
RyanJain Staff answered 1 month ago

Yes, it is mandatory to file a Stock Intimation.
 
In addition to filing the application to opt for Composition Levy, you would also require to file a Stock Intimation to furnish the details of stock including inward supply of goods from unregistered persons, held by you on the day preceding the date from which you opt to pay the composition amount. You are required to file Stock Intimation details within 30 days of the date from which Composition Levy is sought.
 
The application to opt for Composition Levy is not subject to approval by the tax authorities. On filing of the application, you are marked as a composition taxpayer in the system and consequential changes are made in the system. However, in case it is found that you were not eligible for the Composition Levy or have not filed Stock Intimation, you would be compulsorily pushed out of the Composition Levy by initiating appropriate proceedings.
 
Stock Intimation filed by you is not subject to processing by State & Centre Tax Authorities. However, in case it is found out by the tax authorities that the particulars of stock and ITC reversal furnished in the Stock Intimation are incorrect, the tax authorities can initiate appropriate demand proceedings from back office against you.