Itc01 claim for composition to regular scheme

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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.

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