composition to normal

29 August 2019

I am a composition dealer running electronics business.. I want to switch to regulator taxpayer.. how will I get ITC on the unsold stock at the time of switching....my stock at present is 60lac

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2 Replies

sujith kumar dasa (banglore) (1496 Points)
Replied 30 August 2019

You have to file Form ITC-02, giving details of stock available on date of conversion along with tax paid on such stock. the same needs to be certified by chartered accountant.

Pankaj Rawat (GST Practitioner) (55010 Points)
Replied 30 August 2019

As per Section 18(1)(c) of CGST Act ,read with Rule 40 of CGST Act , can claim ITC on input on closing, stock by filing ITC .01 online on portal with in 30 days .

CA certificate is required if the credit claim is exceeding 2lac