is the composition supplier not eligible to avail ITC on receive the invoices or debit note from the supplier for -
.......period prior to their opting to pay tax under composition scheme???
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Conversion from regular tax paying to composition
Replies (4)
Quick Summary
You have to pay tax on stock instead or reverse the ITC on conversion from regular to composition
Pay GST on stock held on date of conversion
Agreed with Gaurav
You can avail ITC when you are in regular scheme. but the day you opt for composition scheme require to pay tax on stock by filing ITC 03 within 60 days from the commencement of relevant FY.
(Refer Rule 3 & Rule 44)
(Refer Rule 3 & Rule 44)
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