Shifting from Regular to Composition
This query is : Resolved
05 May 2025
WHAT ARE THE CONSEQUENCES OF NON FILING OF ITC-03 WHEN SHIFTING FROM REGULAR TO COMPOSITION
07 May 2025
Failure to file ITC-03 can lead to the denial of the composition scheme benefits. The tax authorities may issue a show-cause notice, and if you do not comply, you may lose your eligibility to remain under the composition scheme. You may have to reverse the Input Tax Credit (ITC) along with interest claimed earlier.
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