Mr. B, a registered taxable person was paying tax under composition rate up to 30th July, 2017. However, w.e.f 31st July, 2017. Mr. B becomes liable to pay tax under the regular scheme. Is he eligible for ITC?
and what about held inventory?
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Replies (2)
YES Mr.B is eligible to take ITC w.e.f 31.07.2017.
ITC also available on input held as inventory (as per my opinion)
Yes he is eligible for ITC
he can take input of stock in hand as on date 31.07.2017.by filing itc 01 form
he can take input of stock in hand as on date 31.07.2017.by filing itc 01 form
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