TaxTMI 
TaxTMI 
One of my client switched from composition to regular in fy 18-19..but we forgot to file itc form..how can the same be filed now?
Itc form non submission
19 Apr 2019 
3 Replies 
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ITC declaration non submission when switching from composition can forfeit input tax credit unless extension sought.
Failure to submit the ITC declaration when switching from composition to regular registration can lead to disallowance of input tax credit attributable to stock held immediately before becoming liable as a regular taxpayer. An extension of the filing period may be sought from the competent authority, during which the jurisdictional officer will scrutinise records; if extension is denied, assessment and recovery proceedings may follow. Taxpayers should promptly notify the jurisdictional officer and Commissioner and obtain acknowledgment to demonstrate bona fides. (AI Summary)
Failure to submit the ITC declaration when switching from composition to regular registration can lead to disallowance of input tax credit attributable to stock held immediately before becoming liable as a regular taxpayer. An extension of the filing period may be sought from the competent authority, during which the jurisdictional officer will scrutinise records; if extension is denied, assessment and recovery proceedings may follow. Taxpayers should promptly notify the jurisdictional officer and Commissioner and obtain acknowledgment to demonstrate bona fides. (AI Summary)