A person paying tax under compounding scheme crosses the compounding threshold and becomes a regular taxable person. Can he avail ITC and if so from what date? https://www.taxtmi.com/acts?id=24487 A taxpayer exiting the composition scheme may claim input tax credit for inputs held in stock, inputs contained in semi finished or finished goods held in stock, and on capital goods reduced by prescribed percentage points, measured as of the day immediately preceding the date from which the composition scheme ceases to apply; the rules will prescribe the manner of calculation of eligible credit. en-us Mon, 03 Apr 2017 15:30:23 +0530 Mon, 03 Apr 2017 15:30:23 +0530 TaxTMI RSS Generator A person paying tax under compounding scheme crosses the compounding threshold and becomes a regular taxable person. Can he avail ITC and if so from what date? https://www.taxtmi.com/acts?id=24487 A taxpayer exiting the composition scheme may claim input tax credit for inputs held in stock, inputs contained in semi finished or finished goods held in stock, and on capital goods reduced by prescribed percentage points, measured as of the day immediately preceding the date from which the composition scheme ceases to apply; the rules will prescribe the manner of calculation of eligible credit. Act-Rules Bills Mon, 03 Apr 2017 15:30:23 +0530 https://www.taxtmi.com/acts?id=24487