dear sir pls consider the case. A
normal taxpayer switched to composition scheme on 1 of feb 2018. he cleared his net liability through gstr3b of Jan after taking the ITC available to him.
now the doubt is that weather the ITC already taken by him before being a composition dealer i.e.upto Jan 2018, will now become payable by him. is it true that no all those ITC will be available to him on behalf of purchase made by him upto 31 of Jan 18. pls clarify.
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normal to composition
Replies (3)
On ITC claimed on stock lying when u switched to regular to composition has to be reversed.
nothing was left in stock at that time sir. and also for knowledge what would be the treatment of ITC i.e how and where that ITC will be reversed as only gst4 is now available to taxpayer of such kind. pls guide further clearly
If zero stock then no need to reverse, for ur kind information there is ITC 03 form available on portal for reversal
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