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composition scheme

mukund (manager) (480 Points)

08 April 2018

My client was under regular scheme upto feb 18 then he migrated to composition scheme from March . So what is the treatment balance of credit available in credit ledger?
Is it refundable?

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5 Replies

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 08 April 2018

You have to give details of stock in Form ITC-03 within 30 days for such adjustment.

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 08 April 2018

U have file ITC 03 form for reversal of ITC on or after.

CA Rashmi Gandhi (Chartered Accountant) (86313 Points)
Replied 08 April 2018

Within 30 days only........

Samat (Article) (41 Points)
Replied 08 April 2018

No it is not refundable. But in turn He has to pay an amount, by way of debit in the elec. credit ledger, equivalent to the credit of input tax in respect of inputs or WIP or FG held in stock and on CG on the dt immediately preceding the date of exercising of such option. After payment of such amount, balance ITC, if any lying in credit ledger shall lapse