Question 14 - 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 regular scheme. Is he eligible for ITC?
FAQ on GST dated 21.9.2016 based on Draft Model GST Chapter 10 Input Tax Credit
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Input tax credit eligibility on closing stock when a taxpayer shifts from composition to regular GST regime. Where a registered person moves from the composition scheme to the regular scheme, they may claim input tax credit only for inputs held in stock and ... Summary
Input tax credit eligibility on closing stock when a taxpayer shifts from composition to regular GST regime.
Where a registered person moves from the composition scheme to the regular scheme, they may claim input tax credit only for inputs held in stock and inputs contained in semi finished or finished goods that were physically on hand on the day immediately preceding the date the person becomes liable to tax under the regular regime.
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