INPUT TAX CREDIT
This query is : Resolved
17 October 2019
MR.X PURCHASED STOCK OF RS 2LAKH IN JAN25, 2018 (COMPOSITION SCHEME). ANNUAL RETURN FOR 17-18 FILED ON 31 JULY. HE OPT FOR NORMAL SCHEME ON 25/12/2018. STOCK PURCHASED ABOVE LYING UNSOLD ON 25/12/2018. CAN HE CLAIM ITC ON SUCH STOCK????
17 October 2019
Yes , he can claim the ITC on unsold stock when opted out of composition scheme and continues as regular tax payer but should have filed ITC 01 for the same within 30 days when he eligible to take credits
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