Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

credit of gst

20 January 2018

I have regd business under composition last month. but there were only purchase and no sale. now I am changing from composition to regular. can I take credit on goods purchased?

Reply
Follow
Share

2 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14861 Points)
Replied 20 January 2018

No ITC calim on inputs in composition schme .

Upgrade to CAclubindia Pro. Subscribe Now!

CA VISHAL JAIN (Chartered Accountant) (88 Points)
Replied 20 January 2018

Yes, As per provision of sec 18(1)(c) of CGST Act you can claim the tax paid on inputs held in the stock on the day immediately preceeding the date from which you are opting normal scheme under GST.