How to Old Stock In GST

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Accountant
76 Points Posted on 13 January 2020
I have a client he has a medical shop He Registered for GST in January but if his business is old then how to show his old stock in GSTR 3B & GSTR 1..
Please clarify..
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On 13 January 2020 at 20:42 Report
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Quick Summary
This discussion clarifies how a medical shop owner, who registered for GST in January but had existing stock, can declare their old inventory. It explains that Input Tax Credit (ITC) can be claimed on goods held in stock at the time of voluntary GST registration. This ITC is claimed specifically within the GSTR-3B filing, while GSTR-1 is reserved for sales transactions.

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Practicing in GST and MSME
1985 Points Posted on 14 January 2020
If a person takes voluntary registration, just before the date of grant of registration, for all the goods he has in stock, he can claim the ITC.
ITC can be claimed in GSTR3B only. GSTR1 is for sale only.

Regards
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On 14 January 2020 at 10:17
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Accountant
76 Points Posted on 14 January 2020
He didn't have Gst before, so how would he get itc? How will the B2B party give him the itc
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On 14 January 2020 at 12:59
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Practicing in GST and MSME
1985 Points Posted on 14 January 2020
Yes, I agree with your concern, but law provided this option. Kindly refer section 18 for more details.
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On 14 January 2020 at 17:00

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