itc on stock

File ITC 01 On portal.

The input tax credit can be claimed for invoice up to one year prior to the date of grant of approval /opting out of composition

File an intimation in Form GST CMP-04

A composition tax payer who wants to become a regular tax payer should file an intimation for withdrawal from the composition scheme in Form GST CMP-04. If the move is because the person’s turnover crosses the threshold limit, then Form GST CMP-04 should be furnished within 7 days after becoming liable to register as a regular dealer. Note that an intimation for withdrawal from the composition scheme will be considered as withdrawn for all the places of business registered under the same PAN.

2.      Furnish stock statement in Form GST ITC-01

The person moving to the regular scheme has to furnish a statement in Form GST ITC-01 containing details of the stock of inputs, inputs in semi-finished or finished goods held on the day before the date on which he becomes liable to be a regular dealer. Furnishing of Form GST ITC-01 enables the dealer to claim ITC on inputs, inputs in semi-finished or finished goods and capital goods in stock when he/she becomes a regular dealer and it has to be furnished within 30 days after filing Form GST CMP-04.