One of my client facing ITC Reversal problem regarding stock. The issue during 30.6.2016[One yr before gst] stock is 10lacs... we have not filed any transition form and declared any stock in gst... business is as usual going in ... now dealer having itc in electronic credit ledger... but officer is saying we have to reverse itc which relates to pre gst stock[1yr before implementing gst]... Is there any provision for doing so??? If yes Please suggest ...
28 November 2019
Agree with Sir, ITC reversal is subject to taken ITC which not relevant of disallowed.if you have not taken ITC of Previous tax regime then you reversal of ITC moreover if you are going to take GST and purchase done in GST then also you can take ITC of stock at the time of GST registration by filing ITC-01.
CAclubindia
