whether we have to file ITC 03 for very old stocks on which no ITC claimed under TRAN 1

[Anurag Dhawan]

We are a small service provider and goods supplier, we have now opted for Composition under 2/2019 dt 7/3/19, we have got only very old stock in trade(before GST period), on which we had not taken any TRAN 1 credit. Whether under the circumstances we have to file ITC 03.

AI Summary

Discussion on Composition Scheme: Filing ITC-03 Not Required for Old Stock without Claimed ITC Under TRAN 1. A small service provider and goods supplier, who recently opted for the Composition Scheme under GST, inquired about the necessity of filing ITC-03 for very old stock on which no input tax credit (ITC) was claimed under TRAN 1. One respondent, Kasturi Sethi, advised that filing ITC-03 is not required. Another respondent, Ganeshan Kalyani, highlighted that a person under the composition scheme cannot claim ITC. The discussion revolves around compliance requirements for transitioning to the composition scheme with old stock.