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Opted for Composition scheme, can i use balance in electronic credit ledger?

12 February 2018

I have opted from regular to composition in Dec 2017, and have 15000/ balance in my electronic credit ledger, how can I utilise this credit ?

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10 Replies

satish balasaheb jadhav (student) (237 Points)
Replied 12 February 2018

yes you can utilise it

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satish balasaheb jadhav (student) (237 Points)
Replied 12 February 2018

in composition rules no specific restriction for ITC of before OPT in

dipti sharma (117 Points)
Replied 12 February 2018

but how to utilise it? while filing GSTR 4, we have to pay all the dues in cash only, no option to set off from credit ledger

CA Amit Mehta (PROFESSIONAL) (35 Points)
Replied 12 February 2018

you can not utilized Credit Balance in composition... Composition Dealer have to Utilize Cash Balance only. Also for migrating taxpayer from Regular to Composition, you have to file ITC Form for Declaring stock in hand as on date of transfer and have to paid Gst on which earlier you had claimed ITC.