Withdrawal from composition scheme permits input tax credit on stock, raw materials and packaging held in Delhi with invoice proof. Form DVAT 03 requires filing to withdraw from the composition scheme (by 30 April if withdrawal is from the start of a financial year). The dealer may ... Summary
Withdrawal from composition scheme permits input tax credit on stock, raw materials and packaging held in Delhi with invoice proof.
Form DVAT 03 requires filing to withdraw from the composition scheme (by 30 April if withdrawal is from the start of a financial year). The dealer may claim input tax credit on trading stock, raw material and packaging material held in Delhi on the withdrawal date, based on original tax invoices showing tax separately. Part B mandates invoice-level details (date, number, supplier TIN, purchase price, input tax) with totals carried to the main form and a verification declaration by the authorised signatory. Restrictions under the composition scheme cease upon withdrawal.
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