Regarding form itc-03

Hello Everyone,

I need to file ITC-03 being registeration converted from Regular to Composition Scheme. I have few queries if anybody knows than please give light on the same:-

1. In ITC-03 we need to give details of closing stock invoice wise so what if in one invoice we have purchase say 20 quantities and out of which 5 sold so in ITC-03 we need to show 15 quantity, Right? (Correct me if I am wrong) 

2. What is value (as adjusted by debit note/credit note) : Do I here need to enter taxable value of unsold goods i.e. net amount before gst?

3. Being a retailer my goods type will come under :- Inputs held in stock OR Inputs contained in semi-finished and finished goods held in stock?

Thank You all.

Replies (4)
1. Yes only balance qty required to be shown.
2.You have to show taxable value before GST.
3.Inputs held in stock.
when I filling ITC-03 it is demanding tax, is this necessary to pay tax of goods held in stock at the the time of opt in Composition.

ITC FORM-3 is submitted compulsory or not

 

ITC FORM-3 NIL RETURN IS SUBMITTED COMPULSORY OR NOT

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