Iranna Biradar (Auditor) (98 Points)
06 June 2018
Kartikey Jain
(Intern)
(2377 Points)
Replied 06 June 2018
Any registered person opting for the composition scheme cannot avail ITC.
If a person switches from the regular scheme to composition scheme, he shall be liable to pay an amount which is equal to the ITC availed in respect of the stock lying as on the day immediately preceding the date of such switchover. Any balance ITC after such payment which is lying in the credit ledger shall lapse.
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