Time limit to claim itc on stock

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8 Points Posted on 29 June 2020
I want to move from composition dealer to regular dealer. I have stock which I purchased around 1 year ago.. can I claim itc in respect of those stock in form itc1 ? or any time limit for claiming itc on stock
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On 29 June 2020 at 07:42 Report
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Quick Summary
If you're transitioning from a composition scheme to a regular dealer, you can claim Input Tax Credit (ITC) on your existing stock, even if purchased up to a year ago. Ensure you have the original purchase bills as proof. This allows you to claim ITC on eligible finished goods purchased previously.

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4215 Points Posted on 29 June 2020
You may claim ITC on the stock before that you must assure that the stock are eligible for the same
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On 29 June 2020 at 08:23
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8 Points Posted on 29 June 2020
Is itc on upto 1 years old good can be claimed on finished goods
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On 29 June 2020 at 08:35
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"Do the Right Thing...!!!"
128157 Points Posted on 29 June 2020
Yes... Keep Your purchase bills for claim ITC for the stock.
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On 29 June 2020 at 08:41
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8 Points Posted on 29 June 2020
Thanku so much for your valuable feedback
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On 29 June 2020 at 08:42
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4215 Points Posted on 29 June 2020
You are most welcome
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On 29 June 2020 at 08:45

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