Switching from composition scheme to normal scheme of payment of tax - Whether the assessee is eligible to avail Input Tax Credit (ITC) on inputs or capital goods held in stock? How to determine the amount of ITC on capital goods to be availed?
10 August, 2017
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Input tax credit eligibility on switching from composition to normal scheme - capital goods credit reduced over time, subject to time bar. A taxpayer switching from the composition scheme to the normal scheme may claim Input Tax Credit for inputs, inputs in goods held in stock, and capital ... Summary
Input tax credit eligibility on switching from composition to normal scheme - capital goods credit reduced over time, subject to time bar.
A taxpayer switching from the composition scheme to the normal scheme may claim Input Tax Credit for inputs, inputs in goods held in stock, and capital goods held immediately before liability to pay tax, but credit for capital goods must be reduced by the prescribed periodic reduction measured from the invoice or receipt date, and no credit may be claimed for supplies after one year from the tax invoice date.
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