Input tax credit after dealer opted out of composition

ITC / Input 943 views 14 replies
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Student
226 Points Joined January 2017

would i ever get credit of Input GST of purchases made as a Composition Dealer, after i Opt Out of Composition Scheme ?

Purchases made earlier as a Composition Dealer, GST Paid, but no Credit was allowed to Composition Dealers

Now, opted out, Return yet to submit, what would be the treatment to the Input GST paid?

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On 26 November 2017 at 22:03 Report
Replies (14)
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Student CA Final
11857 Points Joined May 2015
File itc-4 form for claiming input tax credit... On portal it is showing
1 Reply
On 26 November 2017 at 22:48
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CA FINAL
62 Points Joined May 2013

REFER SECTION 18 OF CGST ACT 2017 READ WITH RULE 40 OF CGST RULES

ITC CAN BE CLAIMED BY FILING A DECLARATION ON PORTAL

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On 26 November 2017 at 23:30
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"Do the Right Thing...!!!"
128111 Points Joined January 2015
No...
You can't claim ITC on the Composition scheme...
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On 27 November 2017 at 08:13
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Student CA Final
146 Points Joined July 2015
ITC will be allowed provided you file form ITC 04 within the time prescribed. Hope this helps ....
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On 27 November 2017 at 09:43
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Student CA Final
11857 Points Joined May 2015
@ Raja he has opted out from composition scheme now
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On 27 November 2017 at 09:50
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"Do the Right Thing...!!!"
128111 Points Joined January 2015
Ha ha ha haaaaaa.....

@ Divakar.,
Thanks for the reminder....

@ Dear Mr Aditya Agrawal...

*What is the uses of CMP 04...?
*When ll be file CMP-04 and why...?
*Is composition dealer had any ITC...?!
*Can composition dealer maintain ITC...???
*What is ITC and it's conditions to Composition dealer...?
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On 27 November 2017 at 15:37
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Student CA Final
11857 Points Joined May 2015
Now he is not composition dealer... He had opted out from that scheme... Now he can claim itc on stock held by filing ITC 04
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On 27 November 2017 at 15:43
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"Do the Right Thing...!!!"
128111 Points Joined January 2015
🙏🙏🙏🙏🙏🙏🙏
OK TANKS...
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On 27 November 2017 at 15:48
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Student CA Final
11857 Points Joined May 2015
What happened.. Am i wrong?? Tell.. Now he is not composition dealer thats what i am reminds u sir
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On 27 November 2017 at 15:50
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"Do the Right Thing...!!!"
128111 Points Joined January 2015
I appreciate your remained...
But, I'm not forget it you know....
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On 27 November 2017 at 16:04
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Student CA Final
11857 Points Joined May 2015
Don't understand what r u trying to say... Sorrry
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On 27 November 2017 at 16:06
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"Do the Right Thing...!!!"
128111 Points Joined January 2015
At the time of Composition who have ITC in that composition scheme...?
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On 27 November 2017 at 17:08
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Student CA Final
11857 Points Joined May 2015
No itc is available for composition dealer and he also can't pass itc benefits to its buyers... But what he purchase he pays itc on that... Then after exit from composition scheme he can take itc on stock held on that date by filing ITC-04
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On 27 November 2017 at 17:11
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CA FINAL
62 Points Joined May 2013

ITC is not available but if he ceases to be a composition dealer then he can claim ITC of INPUT & CPITAL GOODS held by him by FORM ITC 01

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On 29 November 2017 at 08:02


CCI Pro

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