Sec 18 (1)(a)of CGST ACT ,provides for entitlement of ITC at the time of registration to the eligible persons on the inputs held in stock as on the day immediately preceding the date from which becomes liable to pay tax.
My query is ",which stock is to be taken into consideration of the preceding date ".Is it closing stock of preceding date ?
YES YOU R RIGHT IT IS CLOSING STOCK.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
