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This query is : Resolved
16 May 2019
Dear Sir
Please clarify the following
My client was regular taxable person in 2018-19 financial year. Then now 2019-20 he is a composition taxable person.
My question is the march 2019 carry forward input tax can available next financial year 2019-20
Please clarify the following
My client was regular taxable person in 2018-19 financial year. Then now 2019-20 he is a composition taxable person.
My question is the march 2019 carry forward input tax can available next financial year 2019-20
16 May 2019
If a registered person opts for composition scheme then he has to reverse the input tax credit taken by him on inputs which are being used by him in the year in which he opts for composition scheme. Any balance credit after reversal will lapse.
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