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composition to normal scheme

22 September 2018

I want to switch to normal scheme from composition...how much itc I will receive.. will I get the all the tax amount I paid on my purchases as itc ??

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9 Replies

Gauthami (Student CA Final ) (431 Points)
Replied 22 September 2018

you will receive ITC only on goods held in stock by you on the date of transition on which you have already paid GST. you will not get ITC on all the purchases you made till now. For that you are required to intimate using Form GST CMP-03 and FORM ITC-03 to proper officer filling the details required.

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 23 September 2018

Yes.... I agreed to Mr Gauthami.,

You can avail the ITC benefits based On Your Stock which purchased by You. You can't take based on Purchase Bills...

Take ITC Your Balance Stock.

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 23 September 2018

As per section 18 CGST Act

[c] where any registered person ceases to pay tax under Section 10, he shall be entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the day immediately preceding the date from which he becomes liable to pay tax under Section 9:
As per Rule 40 : File ITC 01 on portal within 30 days from the date you switch to normal scheme

Vinod Babu (24191 Points)
Replied 23 September 2018

yes you can claim itc on input stock by filing ITC 01 form within 30 days from date of conversation on gst portal.

Gaurav Ghai (58 Points)
Replied 23 September 2018

if I claim ITC, is there be any deduction from tax amount I paid on purchasing made within one year

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Vinod Babu (24191 Points)
Replied 23 September 2018

I did not understand your query? Could you please brief it.

Gaurav Ghai (58 Points)
Replied 23 September 2018

sir if I switch to normal scheme from composition...one year mae jitna Maine purchasing krne par tax diya hai Kya wo poora tax amount mujhe as ITC mil jaega ya fir usmae kuch cut hoga