I have converted myself from composition tax to regular scheme. Now I am filing ITC 01 to claim input tax credit on closing stock.
My question is that whether i can claim input tax credit of the stocks which were purchased for more than 6 months from the date of conversion.
Is there any sucb concept in GST that i cannot claim gst for more tha 6 months ???
Hi Anil,
Yes, you can avail ITC. There's a provision u/s 18(1)(c) which is read as under:
Sec. 18(1)(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:
Provided that the credit on capital goods shall be reduced by such percentage points as may be prescribed'
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