banner_ad

Itc01 claim for composition to regular scheme

ITC / Input 20 views 1 replies

Dear sir 

Earlier we have in composition scheme now we have migrated to regular scheme 

We have filed ITC 01 claim the ITC on existing stock and it was reflected in portal also

Now what is the entry for this  input

Input gst debit 

Credit entry 

Please Helo me

Replies (1)

Since you have shifted from composition to regular scheme and filed ITC-01, the eligible ITC on closing stock can be recorded by debiting Input GST ledgers and crediting Stock/Inventory account.

Entry:
Input CGST A/c Dr
Input SGST A/c Dr
Input IGST A/c Dr
    To Stock / Inventory A/c

Later, when GST liability is paid by utilising ITC, pass entry:
Output GST A/c Dr
    To Input GST A/c

Ensure the entry is passed only for eligible ITC claimed in ITC-01 and reflected in the electronic credit ledger.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details