S ELAVARASI (ACCOUNTANT) (2975 Points)
20 March 2019Dear Experts.,
One of My friend have Medical Shop with GSTIN. He is now under Regular Scheme. He will opt Composition SCheme.
How can we convert from Regular to Composition scheme....
Pls see the Details here
Ope.ITC (FY 17-18) - 28734
Pur (1633592 FY 18-19) ITC - 104749 = 133483
Sale (1548757 FY 18-19) Lia - 95459 = (133483 - 95459 = 38024 Clo Bal.
Now, How to convert composition...?
How to show Stock...?
How to reverse ITC & which values...?
Please give your replies...
CA CS Chirag
(Practicing CA)
(834 Points)
Replied 20 March 2019
Switching from normal scheme to composition scheme, taxpayer shall be liable to pay an amount equal to the credit of input tax in respect of inputs held in stock on the day immediately preceding the date of such switch over. The balance of input tax credit after payment of such amount, if any lying in the credit ledger shall lapse
g mahesh Mundra
(Business and tax consultant)
(3296 Points)
Replied 20 March 2019
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 20 March 2019
CAclubindia
