Composition scheme

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....omposition scheme<br> Query (Issue) Started By: - CA Adarsh Dated:- 28-4-2024 Last Reply Date:- 30-5-2024 Goods and Services Tax - GST<br>Got 4 Replies<br>GST<br>Whether Can ITC-01 filed in current year for opt out of composition schemes on 31-03-2024? Whether it will 2 different financial year fy 23-24 and fy 24-25? Because due date 30-04-2024above query due following provisions ITC-01 can be fil....

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....ed only once in financial year Reply By KASTURI SETHI: The Reply: Dear Querist, Two financial years are not involved. The query is not properly drafted. It is vague. Pl. redraft. Reply By CA Adarsh: The Reply: Query is tax payer opt out of composition scheme on 30-03-2024 and became regular tax payer.As per 18(1)(c) say tax payer can claim ITC 1 year from date of opt out and can filed once i....

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....n financial year within 30 days from date of opt out In current case 30 days falls due on 29-04-2024 which is FY 24-25 and date of opt out is 30-03-2024 in FY 23-24. So query if I file itc-01in FY 24-25 pertaining to FY 23-24 but within due date of 29-04-2024. I am opinion that to filed once in a financial year can be different from FY of opt out and date of filing ITC-01 falling in different ....

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....FY Reply By Shilpi Jain: The Reply: I am not able to locate the provision which states that ITC-01 can be filed only once in the FY. Also, the provision is clear, file within 30 days of being eligible for credit and that credit not older than 1 year can be claimed. Reply By Ganeshan Kalyani: The Reply: I agree with the views of the expert.<br> Discussion Forum - Knowledge Sharing ....