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ITC under composition scheme.
can we claim ITC for stock held when we switch to normal tax scheme from composition scheme ?
Replies (5)
Yes,
Credit of purchases held in stock prior to 1 year from the day preceding to date of application of registration will be allowed
please refer section 140 of CGST Act
Relevant section is 18 in this case. 140 is transitional provision. Yes, credit can be availed while switching to regular scheme.
ok so we can claim credit by filing GST Form ITC 01.
You have file form ITC 01 within 30 days after switching to regular scheme
yes...you have to file itc 01 form
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