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

ITC on goods that are in stock

Only Fun Time (22 Points)

28 March 2021

can i get itc of those goods which are already in my stock,which i purchased before taking registration?

Reply
Follow
Share

7 Replies

Naveen (student) (334 Points)
Replied 28 March 2021

NO. Since u didn't had GST registration at that time, u were an unregistered dealer. U can only claim ITC if ur seller file his GSTR 1 returns with ur GST number. Since he didn't, u can't claim ITC on them

Upgrade to CAclubindia Pro. Subscribe Now!

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 28 March 2021

No you cannot take ITC for such goods

Murtaza I Bhagat (Tax & Finance Consultant) (10533 Points)
Replied 28 March 2021

Section 18 sub section (1) by filing ITC 01 within 30 days after granting approval of GST. One year prior to grant registration.

1 Like

CA PARTH SHAH (In Practice) (1951 Points)
Replied 29 March 2021

Agree with Mr Murtaza Bhagat. However, you will not get ITC on capital goods bought before GST registration.

CA PARTH SHAH (In Practice) (1951 Points)
Replied 29 March 2021

Agree with Mr Murtaza Bhagat. However, you will not get ITC on capital goods bought before GST registration.

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 30 March 2021

No, you cannot get itc of those goods which are already purchased before GST registration

Murtaza I Bhagat (Tax & Finance Consultant) (10533 Points)
Replied 30 March 2021

Please read section 18(1) for those who get registration after crossing threshold limit and want ITC on purchases where they paid GST and not getting ITC due to not having GST Number. ITC01 is the form in which they can transfer those 1 year ITC to their credit ledger and they can utilize in they outward liability after getting registration.

1 Like