Dear All
A registered Gst firm has been filing regular gst returns since 2017 ever since gst was implemented. Purchases were mostly with slab rates 18 percent and outward supplies too were were at slab rates 18 percent.
As of this fy 2022 -2023 the firm has accumulated ITC of about rs 10lacs.From next fy 2023-2024 the firm wishes to switch to composition filing scheme.
Queries
1) What happens to the accumulated ITC of rs 10lacs whennew fy year 2023 2024 starts. Will it lapse(wasted)? or the firm can get refund of accumulated ITC before the new fy 2023 2024 begins
2)will the credit be carried over in new fy 2023 2024 in cash ledger
CAclubindia
