After taking registration what would i have to do with the stocks which i purchased before taking registration.
since i already paid tax on those product do i have to pay tax again.
please clarify this to me.
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Taking registration after crossing threshold limit.
Replies (5)
If you apply registration in time you will be able to claim itc on them
You would have paid tax to the vendor at the time of purchase, which in your case is before registration. ITC on purchase can be claimed if your GSTIN is mentioned on the purchase invoice.
Why and whom do you have to pay tax again on such inventory?
But as i was doing business without gstin as my turnover was below threshold.But now my turnover crossed threshold and i have to take Gstin.so in this case what would happen to the existing inventory of my shop as i purchased these before taking GSTIN.
File ITC01 in order to claim ITC on existing stock.
Refer: https://cleartax.in/s/gst-itc-01-form-new-registration
As I have already replied you can claim itc subject to some restrictions
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