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?
2 Replies
CA.Pankaj Rawat
(Chartered Accountant)
(1381 Points)
Replied 26 February 2019
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)
pritesh
(CA Final student)
(7101 Points)
Replied 26 February 2019
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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