banner_ad

Comp. dealer to Regular

308 views 7 replies
User Avatar

Accountant
75 Points Posted on 31 December 2019
Dear experts,
My client has registered as comp. dealer on 29/11/2019 and opt out of composition on 27/12/2019 and became regular dealer. Query is he purchased a mechinery on 27/11/2019, whether he is eligible for take input tax as per sec 18(1) c.

Thanks in advance
Reply Share Follow
On 31 December 2019 at 13:28 Report
Replies (7)
User Avatar

18 Points Posted on 31 December 2019
Yes he is eligible for ITC on capital Goods, Only if he didn't claim any Depreciation on Gst.
If you already availed for 1 Month you can definitely claim on rest of the months assuming useful llife is 60 Months.
As you can avail ITC on C.G 5% P.Q to max. of 5 years.
Reply
On 31 December 2019 at 16:37
User Avatar

Accountant
75 Points Posted on 31 December 2019
Thank you.,
One doubt.. He is URP at the time of asset purchased.. Can he claim ITC
Reply
On 31 December 2019 at 16:48
User Avatar

18 Points Posted on 31 December 2019
Then he can't claim ITC on C.G
Reply
On 31 December 2019 at 17:12
User Avatar

Accountant
75 Points Posted on 31 December 2019
So the asset must be purchased during composition reg. period.
Reply
On 31 December 2019 at 17:30
User Avatar

18 Points Posted on 31 December 2019
He is only liable to get ITC only after Registration
Reply
On 31 December 2019 at 17:33
User Avatar

Accountant
75 Points Posted on 31 December 2019
Thanks madam,
Can he get ITC of finished goods held in stock which was purchased before obtaining GSTN
Reply
On 31 December 2019 at 17:44
User Avatar

18 Points Posted on 31 December 2019
Yes he can claim ITC on stock of F.G
Reply
On 31 December 2019 at 17:53


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details