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Gst itc-03 itc reverse issue

ITC / Input 443 views 6 replies
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23 Points Posted on 30 March 2018

Firm had closing stock of Rs.2600000 approx at 30.09.2017 at 1st July it is come under 18% slab and I switched to composition from regular at 31st Jan. And the firm has purchased goods worth 250000 and sold goods worth 600000 between 1st July -30th Jan.And firm is not able to file Tran1

So my query is how to reverse ITC in form ITC-03.

Please advice me it is urgent

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On 30 March 2018 at 20:32 Report
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GST Practitioner
55067 Points Posted on 30 March 2018
ITC 03 is for reversal of ITC in stock , (As per sec 18(4)) so the day u switch from regular dealer to composition dealer the stock, input availed is to be reverse
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On 30 March 2018 at 20:48
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23 Points Posted on 30 March 2018
But at what amount please clarify the situation based on the above case Please
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On 30 March 2018 at 20:50
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GST Practitioner
55067 Points Posted on 30 March 2018
on the basis of applying FIFO method
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On 30 March 2018 at 20:54
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23 Points Posted on 30 March 2018
But how to calculate the ITC on the value of preGst goods since TRAN-1 is not filled
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On 30 March 2018 at 21:40
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GST Practitioner
55067 Points Posted on 30 March 2018
suppose u have A product 100 Pcs. pre gst. & in gst u again purchase 75 PCs & sold only 95 PCs (in gst period) Now it net stock is 80 PCs , But u will reverse ITC only on 75 PCs
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On 30 March 2018 at 22:45
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169 Points Posted on 19 July 2018
Originally posted by : Nish*t Agarwal
Firm had closing stock of Rs.2600000 approx at 30.09.2017 at 1st July it is come under 18% slab and I switched to composition from regular at 31st Jan. And the firm has purchased goods worth 250000 and sold goods worth 600000 between 1st July -30th Jan.And firm is not able to file Tran1So my query is how to reverse ITC in form ITC-03.Please advice me it is urgent

Have you filed ITC-03? Since I unable to file it shows "System Error". 

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On 19 July 2018 at 13:13


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