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Migration to Regular from composition scheme

Vivek anandhan

Dear Expert

We are now in composition category in GST. now we want to migrate to Regular category. Whether we can take credit on stock in which GST paid. In case of credit eligible please inform what form need to be filed.

Regards

Vivekanandhan

Sunbeam Generators Pvt Ltd

Input tax credit entitlement on stock after migrating from composition requires filing intimation and ITC claim within the prescribed period. Migration from the composition scheme permits input tax credit on stock where tax was paid, limited to stock held before opting out. The taxpayer must file the intimation in Form GST CMP-04 and furnish Form ITC-01 within the prescribed time to record and claim that ITC upon conversion to the regular regime. (AI Summary)
Goods and Services Tax - GST
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KASTURI SETHI on Apr 17, 2018

You will have to file an intimation in Form GST CMP-04. ITC shall be allowed on the stock lying before the date of opting out.

CASusheel Gupta on Apr 18, 2018

Dear Vivekanandhan

In addition to CMP -04, u need to file ITC-01 also within 30 days

Regards

CA Susheel Gupta

8510081001, 9811004443

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