I was under the composition scheme for 2017-18. I have a stock of 40 lakh of composition period. Now shifted to regular in 2018-19. how will I pay tax on stock. will it be under composition scheme or regular scheme.
if i pay in regular i have to pay 28% and i have already paid tax while buying it under composition scheme
Stock of Compostion scheme
Replies (5)
Quick Summary
GST Law given procedure to claim ITC when shifting from Composite Scheme to Normal tax payer. Under which Rule 40(1)b of CGST Rule 2017 mention that entity need to file FORM GST ITC 01 with in 30 days from the day which the person is liable to pay tax under normal scheme. After filing of GST ITC 01 , GST Credit shall be transferred to Credit ledger.
I have not filed form ITC 01 till now. I shifted to regular scheme 1.5 year back
Dear Saurabh
now you cannot file ITC 01 .
ITC on opening stock c/f from Composition Scheme will not be available to you.
now you cannot file ITC 01 .
ITC on opening stock c/f from Composition Scheme will not be available to you.
Then its not possible
No.... its not possible.
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