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Only Fun Time   14 June 2021

Taking registration after crossing threshold limit.

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.


 5 Replies

CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     14 June 2021

If you apply registration in time you will be able to claim itc on them
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     14 June 2021

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?

Only Fun Time

Only Fun Time   14 June 2021

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.
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     14 June 2021

File ITC01 in order to claim ITC on existing stock.

Refer: https://cleartax.in/s/gst-itc-01-form-new-registration

CA Altamush Zafar

CA Altamush Zafar (GST Consultant)     14 June 2021

As I have already replied you can claim itc subject to some restrictions


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