TaxTMI 
TaxTMI 
TaxTMI 
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.
whether we have to file ITC 03 for very old stocks on which no ITC claimed under TRAN 1
Anurag Dhawan
Input tax credit filing: composition taxpayers need not file ITC-03 for old stock when no transitional credit claimed. A taxpayer who opted for the composition scheme and holds pre GST stock on which no transitional credit was claimed need not file ITC 03; composition taxpayers cannot take input tax credit, so ITC 03 is not available in such circumstances. (AI Summary)
.jpg){kind=small}
