Switching Tax Schemes: Reverse ITC on Capital Goods for Up to 5 Years; No Credit on Older Inputs.

Switching Tax Schemes: Reverse ITC on Capital Goods for Up to 5 Years; No Credit on Older Inputs. https://www.taxtmi.com/highlights?id=35885 Switching between the composition scheme and normal scheme of payment of tax - When opted for the Composition scheme, ITC on Capital Goods need to be reversed upto 5 years, there is no limit on inputs held in stock - But when opted out from the composition scheme, credit cannot be availing on inputs and capital goods which are more than 1 years old. en-us Thu, 10 Aug 2017 16:51:05 +0530 Thu, 10 Aug 2017 16:51:05 +0530 TaxTMI RSS Generator Switching Tax Schemes: Reverse ITC on Capital Goods for Up to 5 Years; No Credit on Older Inputs. https://www.taxtmi.com/highlights?id=35885 Switching between the composition scheme and normal scheme of payment of tax - When opted for the Composition scheme, ITC on Capital Goods need to be reversed upto 5 years, there is no limit on inputs held in stock - But when opted out from the composition scheme, credit cannot be availing on inputs and capital goods which are more than 1 years old. Highlights GST Thu, 10 Aug 2017 16:51:05 +0530 https://www.taxtmi.com/highlights?id=35885