transfer from compostion to regular

According to invoice he has of B2B purchase are eligible for the ITC of which Stock is available.

As per my View

any notification available for it or we should go as per our knowledges

Originally posted by : Tarun Singhal
	any notification available for it or we should go as per our knowledges

 

Transition from Composition Dealer to Normal Dealer

Section 16(3) of Model GST Law states that when a taxpayer ceases to pay composition tax and becomes liable to pay tax as a regular taxpayer under GST then he is eligible to take Input Tax Credit in respect of inputs held in stock and inputs contained in semi-finished and finished goods held in stock as on the day immediately preceding the day from which he becomes liable to pay tax under regular scheme.

Go through rule 6 CGST Rule

As per Section 18 (c) cgst act
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:

And As per Rule 40 CGST Act , plz file ITC 01 on portal for input tax credit on stock within 30 days .

good clarification and information