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
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Comp. dealer to Regular
Replies (7)
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.
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.
Thank you.,
One doubt.. He is URP at the time of asset purchased.. Can he claim ITC
One doubt.. He is URP at the time of asset purchased.. Can he claim ITC
Then he can't claim ITC on C.G
So the asset must be purchased during composition reg. period.
He is only liable to get ITC only after Registration
Thanks madam,
Can he get ITC of finished goods held in stock which was purchased before obtaining GSTN
Can he get ITC of finished goods held in stock which was purchased before obtaining GSTN
Yes he can claim ITC on stock of F.G
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