Moving from composition scheme to regular dealer
This query is : Resolved
04 May 2018
Dear all,
We are into Food and beverages business and as its given in GST that one in F&B Business can apply for Composition scheme resulting us to pay GST @5%, but no if we voluntarily want to switch over to regular dealer, then what would be the procedure for it and what would be the consequences with regards to unclaimed Input Tax Credits for purchase of raw material for food and other expenses incurred?
Any help would be great,
Thanks in Advance
We are into Food and beverages business and as its given in GST that one in F&B Business can apply for Composition scheme resulting us to pay GST @5%, but no if we voluntarily want to switch over to regular dealer, then what would be the procedure for it and what would be the consequences with regards to unclaimed Input Tax Credits for purchase of raw material for food and other expenses incurred?
Any help would be great,
Thanks in Advance
04 May 2018
See the link to switch over to regular dealer
https://www.youtube.com/watch?v=YqLkP9JzWog
Regular scheme also 5% GST applicable no ITC. Hence you can't claim ITC on stock held.
https://www.youtube.com/watch?v=YqLkP9JzWog
Regular scheme also 5% GST applicable no ITC. Hence you can't claim ITC on stock held.
04 May 2018
Not on the Stock held but the general purchases we do and expenses we incur in day to day business
04 May 2018
ITC can't be claimed for any of the above expenses if out put tax is 5% GST.
04 May 2018
Mns it cannot be claimed even if we're in regular scheme and not in composition scheme?
04 May 2018
If you are paying 12% GST ITC can be claimed.
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