Can a person claim itc of regular income.

This query is : Resolved

Ashim kr Ray (Querist)
Follow

17 May 2018 Sir,

Those Person who has just converted from regular to scheme in Gst ,how they can claim ITC remain remains in electronic credit ledger.

RAJA P M

RAJA P M (Expert)
Follow

17 May 2018 (who has just converted from regular to scheme in Gst ) You mean from Regular to Composition...? If Yes then How can he claim ITC under Composition scheme...???

Message likes : 1 times

Ashim kr Ray

Ashim kr Ray (Querist)
Follow

18 May 2018 yes sir i know he cannot claim ITC ,in composition scheme bt I want to know is there any way to recovered the ITC from credit ledger as the product was purchase when he was in regular schemed.but due to convert in composition scheme he cannot utilized that.

RAJA P M

RAJA P M (Expert)
Follow

18 May 2018 No Dear...
As per my view...
No way for claim ITC in any manner...

Message likes : 2 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

27 October 2021 Switching from normal scheme to composition scheme, taxpayer shall be liable to pay an amount equal to the credit of input tax in respect of inputs held in stock on the day immediately preceding the date of such switch over. The balance of input tax credit after payment of such amount, if any lying in the credit ledger shall lapse.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now