TMI BlogRegarding ITC on stock heldX X X X Extracts X X X X X X X X Extracts X X X X ..... R/S One dealer taken Reg. on Composition from 18/08/2017 and he withdraw ,composition from 01.04.2018 onwords. can he get inputs held in stock before 01.04.2018. if yes than which return fillied either ITC1/2/3 and what is last date for it. - Reply By YAGAY and SUN - The Reply = Frequently Asked Questions on Composition Levy Q 6. A person availing composition scheme during a financial y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear crosses the turnover of ₹ 75 lakhs/50 lakhs during the course of the year i.e. say he crosses the turnover of ₹ 75 lakhs/50 lakhs in December? Will he be allowed to pay tax under composition scheme for the remainder of the year i.e. till 31st March? Ans. No. The option to pay tax under composition scheme lapses from the day on which his aggregate turnover during the financial yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r exceeds the specified limit (Rs. 75 lakhs / ₹ 50 lakhs). He is reQuired to file an intimation for withdrawal from the scheme in FORM GST CMP-04 within seven days from the day on which the threshold limit has been crossed. However, such person shall be allowed to avail the input tax credit in respect of the stock of inputs and inputs contained in semi-finished or finished goods held in s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tock by him and on capital goods held by him on the date of withdrawal and furnish a statement within 30 days of withdrawal containing the details of such stock held in FORM GST ITC-01 on the common portal. Q 8. Can a person who has opted to pay tax under the composition scheme avail Input Tax Credit on his inward supplies? Ans. No. A taxable person opting to pay tax under the composition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... scheme is out of the credit chain. He cannot take credit on his input supplies. When he switch over from composition scheme to normal scheme, eligible credit on the date of transition would be allowed (refer Q 6 above). - Regarding ITC on stock held - Query Started By: - m Bhagat Dated:- 22-5-2018 Goods and Services Tax - GST - Got 1 Reply - GST - Discussion Forum - Knowledge Sharing, reply po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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