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Opted for Composition scheme, can i use balance in electronic credit ledger?
I have opted from regular to composition in Dec 2017, and have 15000/ balance in my electronic credit ledger, how can I utilise this credit ?
Replies (10)
yes you can utilise it
in composition rules no specific restriction for ITC of before OPT in
but how to utilise it? while filing GSTR 4, we have to pay all the dues in cash only, no option to set off from credit ledger
you can not utilized Credit Balance in composition... Composition Dealer have to Utilize Cash Balance only. Also for migrating taxpayer from Regular to Composition, you have to file ITC Form for Declaring stock in hand as on date of transfer and have to paid Gst on which earlier you had claimed ITC.
ok thanks, which ITC FORM is to be filled ?
ITC 03
is it AVAILABLE on the portal ? could not find it
please guide
as per section 18(4) by filing ITC 3 form reverse that ITC
go to return
ITC form
select ITC 3 and
ITC form
select ITC 3 and
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