A registered taxable person has Rs. 1000 ITC credited to his electronic credit ledger from the last return under the earlier law. Now, he switches over to composition scheme in GST, will he get refund of that ITC.

A registered taxable person has Rs. 1000 ITC credited to his electronic credit ledger from the last return under the earlier law. Now, he switches over to composition scheme in GST, will he get refund of that ITC. https://www.taxtmi.com/acts?id=22498 A taxable person switching to the composition scheme is not entitled to refund of input tax credit in the electronic credit ledger and must pay an amount equal to the ITC on inputs held in stock on the day before switchover. That amount may be paid through the electronic credit ledger or the electronic cash ledger; if paid through the electronic credit ledger any excess ITC balance will lapse. en-us Thu, 22 Sep 2016 18:13:34 +0530 Thu, 22 Sep 2016 18:13:34 +0530 TaxTMI RSS Generator A registered taxable person has Rs. 1000 ITC credited to his electronic credit ledger from the last return under the earlier law. Now, he switches over to composition scheme in GST, will he get refund of that ITC. https://www.taxtmi.com/acts?id=22498 A taxable person switching to the composition scheme is not entitled to refund of input tax credit in the electronic credit ledger and must pay an amount equal to the ITC on inputs held in stock on the day before switchover. That amount may be paid through the electronic credit ledger or the electronic cash ledger; if paid through the electronic credit ledger any excess ITC balance will lapse. Act-Rules Bills Thu, 22 Sep 2016 18:13:34 +0530 https://www.taxtmi.com/acts?id=22498