A registered person has excess ITC of Rs. 10, 000/- in his last VAT return for the period immediately preceding the appointed day. Under GST he opts for composition scheme. Can he carry forward the aforesaid excess ITC to GST?

A registered person has excess ITC of Rs. 10, 000/- in his last VAT return for the period immediately preceding the appointed day. Under GST he opts for composition scheme. Can he carry forward the aforesaid excess ITC to GST? https://www.taxtmi.com/acts?id=24770 A registered person who reported excess VAT input tax credit in the return immediately preceding the appointed day and elects the Composition Scheme under GST cannot carry forward that VAT input tax credit into GST pursuant to the transitional restriction in Section 140(1). en-us Mon, 03 Apr 2017 17:17:16 +0530 Mon, 03 Apr 2017 17:17:28 +0530 TaxTMI RSS Generator A registered person has excess ITC of Rs. 10, 000/- in his last VAT return for the period immediately preceding the appointed day. Under GST he opts for composition scheme. Can he carry forward the aforesaid excess ITC to GST? https://www.taxtmi.com/acts?id=24770 A registered person who reported excess VAT input tax credit in the return immediately preceding the appointed day and elects the Composition Scheme under GST cannot carry forward that VAT input tax credit into GST pursuant to the transitional restriction in Section 140(1). Act-Rules Bills Mon, 03 Apr 2017 17:17:16 +0530 https://www.taxtmi.com/acts?id=24770