composition Dealer

28 March 2018

Can any one tell me
If a composition dealer converted into regular scheme

Can he take credit of earlier purchases made under composition scheme

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5 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 28 March 2018

yes u can by filing ITC 01

Anuradha Kumari (29 Points)
Replied 28 March 2018

yes but only on stock available the preceding day when converted to regular sheme

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 28 March 2018

yes , offcourse on stock only..

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 29 March 2018

You can avail the ITC benefits for the Stock only (the closing stock at the time of Conversion).

Sravan Reddy G (CA) (618 Points)
Replied 29 March 2018

Means , Even the Purchases Bills are on COMPOSITION DEALER name also

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