Menu
composition dealer
I m composition dealer and want switch to normal taxpayer in gst... will I get input tax credit on stock lying unsold at the time of switching to normal scheme... ??
Replies (6)
Yes, you are eligible for I TC on inputs held in stock and inputs contained in semi-finished or finished goods held in stock as on date on which you have converted yourself from composition scheme to regular scheme.
Yes, please refer section 18(c) of CGST Act 2017 read with Rule 40 of CGST Rules 2017 (amended upto 31-12-18).
You are also eligible for ITC on capital goods but of invoices within 1 year
will I get entire amount I paid as tax on my purchases within one year if a convert to normal scheme
Entire amount for Input but for capital goods reduce 5% per quarter to ascertain amount of Itc
yes you are required to file itc 01 for claiming of Gst on stock in hand
Recent Topic
- Cross-utilization of ITC between Trading and Resta
- Form 121 eligibility for non deduction of TDS for
- Gold/silver etf. STCG. how to decalre in ITR at s
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
- Ca pratik takkar imp list
- TDS EXECESS AMOUNT ADJUSTMENT
- What's the ONE thing about GSTR-2B / IMS reconcili
- Is GST Registration Mandatory for Freelancers in I
- ITR TO FILE
Related Topics
CAclubindia
