I am a composite dealor and I wanted to shift from composition scheme to normal GST procedure.
Some stock is lying in my stock and since no ITC is available to composite dealor.
So i wanted to ask whether ITC is available on sale of such stock when I shifted to normal GST ?
Credit of Input Tax on transfer from composition to normal GST?
Replies (2)
yes. If those are input / input services then full gst but if they are Capital goods then 5% of its part therof
yes you can claim itc on input stock and capital goods by filing ITC 01 . in case of ITC on capital goods ITC on capital goods reduced by 5% per quarter .
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