Purchase shows excess in gstr 2a

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Rahul (Querist)
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04 August 2019 Respected sir,
we are in composition for period of 1-4-18 to 31-3-19 now we have total purchase of rs 10 lakh but in 4a it shows 12 lakh now from 1-4-19 we moved to regular now we are unable to take credit of that goods reason for that is for that period we are in compo. now what treatment i need to give can i show that good as sales and pay tax in drc 03. for the period 2018-19.

CA Anita Bhadra

CA Anita Bhadra (Expert)
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04 August 2019 You can not take credit for purchases in 2018-19 , if not filed ITC 01 within 30 days . But you can treat sale of such stock as normal sale of 2019 -20 and pay tax accordingly

The person moving to the regular scheme has to furnish a statement in Form GST ITC-01 containing details of the stock of inputs, inputs in semi-finished or finished goods held on the day before the date on which he becomes liable to be a regular dealer.

Furnishing of Form GST ITC-01 enables the dealer to claim ITC on inputs, inputs in semi-finished or finished goods and capital goods in stock when he/she becomes a regular dealer and it has to be furnished within 30 days after filing Form GST CMP-04.

ITC cannot be claimed if the person fails to file Form ITC – 01

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Rahul

Rahul (Querist)
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05 August 2019 yes ma'am completely agree with you i just want to be sure. thank you for reply

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