corrections in previous M/s B incorporation

As per Rule 37 & read with proviso of section 16(2) of CGST Act , The amount of value not paid & the amount of ITC availed of proportionate to such amount has to be reverse

So the ITC 90k has to be reverse ,hence avaliable ITC will be 90k only

Note : Reversal ITC can be avail in next month return by payment of balance amount to head office

Please note that if the amount is outstanding for more than 180 days then only ITC is required to be reversed. 

M/s sitaram trading company is engaged in the business of selling plastic granules . Being a trading company , it was registered under erstwhile VAT Act . As per VAT return filed for the period ending 30th June 2017 , the company did not carry forward any VAT input tax credit . ON 30th June 2017., the company was having a stock of 9.75 lacs . As the company was not having input credit of VAT, it did not file Trans 1. To claim the deemed credit as per Proviso to sec 140{3} of the CGST Act , it filed Trans 2 on 3rd July 2018.

Q1. is the company eligible to claim deemed credit through Trans 2 filed on 3rd July 2018?