GST Input on conversion from composition to regular

Hi Anil,
Yes, you can avail ITC. There's a provision u/s 18(1)(c) which is read as under:
Sec. 18(1)(c) - 'where any registered person ceases to pay tax under section 10, he shall be entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the day immediately preceding the date from which he becomes liable to pay tax under section 9:

Provided that the credit on capital goods shall be reduced by such percentage points as may be prescribed'

Thanku Sarath ji
But i want to ask that is there any such concept that we can avail input tax credit upto 6monthly only or something like that???

As the section clearly specifies that the ITC can be claimed on the stock on the day immediately preceding the date from which he becomes liable to pay tax under normal charge.
So there's no such limit.

There's a limit of 1 year u/s 18(2).
It means if you did not avail ITC within 1 year from the date of invoice, such ITC will lapse.

Hie sir 

 

Im converted from Composition scheme to regular can i avalil the input tax credit for the goods which i had purchase when im in composition scheme

YES AKSHAI, YOU CAN AVAIL INPUT TAX CREDIT FOR INPUTS AS WELL AS CAPITAL GOODS REDUCED BY 5% PER QUARTER FROM DATE OF PURCHASE TO DATE OF CONVERSION.

DONT FORGET TO FURNISH STOCK STATEMENT IN GST ITC-01 WITHIN 30 DAYS AFTER FILING FORM GST CMP-04.

You will be allowed credit of duties held in stocks as inputs or  inputs contained in semi-finished or finished goods on the date immediately preceding date of conversion subject to the following conditions:

• Such inputs or goods are used or to be used in the making of taxable supplies
• Being eligible to claim credit of taxes
• Being in possession of invoice or document evidencing payment of duties  w.r.t. inputs held in stock and semi-finished or finished goods
• Such invoices and/ or documents were issued maximum twelve months before the date of conversion.

Is there any remedy if time period of 30 days elapsed to file ITC 01 from cmp 04....

I have converted myself from composition tax to regular scheme and i have received goods return from buyer. which was sale by me when i was a composition taxpayer.so can i claim ITC on such goods and what should i do for 1% tax which was paid by me as composition rate