GST Course

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Only Fun Time   28 March 2021

ITC on goods that are in stock

can i get itc of those goods which are already in my stock,which i purchased before taking registration?


 7 Replies

Naveen

Naveen (student)     28 March 2021

NO. Since u didn't had GST registration at that time, u were an unregistered dealer. U can only claim ITC if ur seller file his GSTR 1 returns with ur GST number. Since he didn't, u can't claim ITC on them
Sourav

Sourav (Student)     28 March 2021

No you cannot take ITC for such goods
Murtaza Bhagat

Murtaza Bhagat (Tax & Finance Consultant)     28 March 2021

Section 18 sub section (1) by filing ITC 01 within 30 days after granting approval of GST. One year prior to grant registration.
1 Like
 CA PARTH SHAH

CA PARTH SHAH (In Practice)     29 March 2021

Agree with Mr Murtaza Bhagat. However, you will not get ITC on capital goods bought before GST registration. 

 CA PARTH SHAH

CA PARTH SHAH (In Practice)     29 March 2021

Agree with Mr Murtaza Bhagat. However, you will not get ITC on capital goods bought before GST registration. 

1 Like
debora M

debora M (BUSINESS DEVELOPMENT MANAGER)     30 March 2021

No, you cannot get itc of those goods which are already purchased before GST registration

 

Murtaza Bhagat

Murtaza Bhagat (Tax & Finance Consultant)     30 March 2021

Please read section 18(1) for those who get registration after crossing threshold limit and want ITC on purchases where they paid GST and not getting ITC due to not having GST Number. ITC01 is the form in which they can transfer those 1 year ITC to their credit ledger and they can utilize in they outward liability after getting registration. 

1 Like

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Start a New Discussion

Popular Discussion


view more »





Subscribe to the latest topics :
Search Forum:

Trending Tags