Gst itc-03 itc reverse issue

ITC / Input 373 views 6 replies

Nishit Agarwal

23 Points Joined August 2017

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

Replies (6)

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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

Nishit Agarwal

23 Points Joined August 2017

But at what amount please clarify the situation based on the above case Please

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

on the basis of applying FIFO method

Nishit Agarwal

23 Points Joined August 2017

But how to calculate the ITC on the value of preGst goods since TRAN-1 is not filled

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

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

Deep Shah

Job

169 Points Joined May 2017

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