One of our client applied for composition scheme for the financial year 2020-21 but on 07-05-2020 they changed their mind and asked us if there are any way to become regular taxpayer again. Accordingly application was made to withdraw from composition scheme . Now they are regular taxpayers and they had ITC Amounting to 76,000.00 in their electronic credit ledger as on 31.03.2020. In this respect no Form ITC 03 is filed to reverse the ITC appearing in ledger after application is made for composition scheme.
Is there any need to file Form GST ITC 03 and reverse the ITC ?
All such ITC on Electronic credit ledger is of Capital Goods purchased.