I have purchases goods from buyer in which. buyer gave tax invoices taxable value +gst from July to Nov month all bill in that time buyer is composition dealer
Nov onward buyer is regular dealer
I have also taken ITC JULY TO NOV MONTH
as per bill given to me
what to do?
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itc reverse or not
Replies (6)
You cannot take ITC when he was composite dealer, 'reverse the ITC' or 'add to output tax liability and make the payment of tax' along with interest @ 24% p.a.
I am agree with CA Shivam Arora
Chetan ji if you want to tell us that you are purchaser then the other person will be seller and not buyer, A dealer under composition scheme can not issue tax invoice nor he can collect GST from their customers. As you have been cheated by that person you can take legal action for the same. Regarding ITC, you have to reverse the amount of ITC claimed as it will never be reflected in your Electronic credit ledger.
You have to reverse all ITC of the period when supplier is in composition.
thank u
eel come
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