Itc01 claim for composition to regular scheme

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.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
05 July 2026
Financial Controller

NovumLake Partners

Mumbai

CA

View Details
Company
06 July 2026
Chartered Accountant (Indirect Taxation)

Gowra Ventures Pvt Ltd

Hyderabad

CA

View Details
Company
ARTICLESHIP 08 July 2026
Article internship

AJAY SINGH AND CO LLP

Thane

CA Final

View Details
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details
Company
21 July 2026
Chartered Accountant

Keshri & Associates

Thiruvananthapuram

CA

View Details