Mr. A, a registered person was paying tax under composition scheme up to 30th July, 2017. However, w.e.f 31st July, 2017, Mr. A becomes liable to pay tax under regular scheme. Is he eligible for ITC? https://www.taxtmi.com/acts?id=24489 A person transitioning from the composition scheme to the regular scheme is entitled to input tax credit on inputs held in stock, inputs contained in semi finished or finished goods held in stock, and capital goods as on the date before the change, subject to reduction by prescribed percentage points. en-us Mon, 03 Apr 2017 15:30:52 +0530 Mon, 03 Apr 2017 15:30:52 +0530 TaxTMI RSS Generator Mr. A, a registered person was paying tax under composition scheme up to 30th July, 2017. However, w.e.f 31st July, 2017, Mr. A becomes liable to pay tax under regular scheme. Is he eligible for ITC? https://www.taxtmi.com/acts?id=24489 A person transitioning from the composition scheme to the regular scheme is entitled to input tax credit on inputs held in stock, inputs contained in semi finished or finished goods held in stock, and capital goods as on the date before the change, subject to reduction by prescribed percentage points. Act-Rules Bills Mon, 03 Apr 2017 15:30:52 +0530 https://www.taxtmi.com/acts?id=24489