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VAT Composition
HI... WE ARE REGISTERED UNDER VAT COMPOSITION SCHEME AND ACCORDINGLY WE CAN'T AVAIL INPUT TAX ON PURCHASE. BUT WE HAVE SOME STOCK ON WHICH WE HAD PAID VAT AND UNDER GST WE ARE AVAILING NORMAL SCHEME. CAN WE CLAIM INPUT CREDIT ON STOCK LYING WITH US?
Replies (5)
yes if the vat paid on such purchases has not been consumed i.e that portion of vat is still itc claimable in your booka
yes if the vat paid on such purchases has not been consumed i.e that portion of vat is still itc claimable in your booka
Yes you can claim Input if go for normal scheme in GST.
We are works contract in ap vat we are in composition scheme. And we are not take any input tax. We purchased huge construction material interstate purchase. We are eligible to take input tax in gst.
Only if you go for normal scheme in GST.
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