Mr. B, a registered taxable person was paying tax under composition rate up to 30th July, 2017. However, w.e.f 31st July, 2017. Mr. B becomes liable to pay tax under regular scheme. Is he eligible for ITC? https://www.taxtmi.com/acts?id=22359 Where a registered person moves from the composition scheme to the regular scheme, they may claim input tax credit only for inputs held in stock and inputs contained in semi finished or finished goods that were physically on hand on the day immediately preceding the date the person becomes liable to tax under the regular regime. en-us Thu, 22 Sep 2016 16:50:53 +0530 Thu, 22 Sep 2016 16:50:53 +0530 TaxTMI RSS Generator Mr. B, a registered taxable person was paying tax under composition rate up to 30th July, 2017. However, w.e.f 31st July, 2017. Mr. B becomes liable to pay tax under regular scheme. Is he eligible for ITC? https://www.taxtmi.com/acts?id=22359 Where a registered person moves from the composition scheme to the regular scheme, they may claim input tax credit only for inputs held in stock and inputs contained in semi finished or finished goods that were physically on hand on the day immediately preceding the date the person becomes liable to tax under the regular regime. Act-Rules Bills Thu, 22 Sep 2016 16:50:53 +0530 https://www.taxtmi.com/acts?id=22359