Author's comments and notes:
** As per rule 40 (1) (b) - the registered person shall within a period of thirty days from the date of
becoming eligible to avail the input tax credit under sub-section (1) of section 18, or within such further period as may be extended by the Commissioner by a notification in this behalf, shall make a declaration, electronically, on the common portal in FORM GST ITC-01 to the effect that he is eligible to avail the input tax credit as aforesaid:
Provided that any extension of the time limit notified by the Commissioner of State tax or the Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.
As per sec 18(1) (c) - where any registered person ceases to pay tax under section 10, he shall be
entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the day immediately preceding the date from which he becomes liable to pay tax under section 9,
Hence,
Any registered person who CEASES to PAY TAX under COMPOSITION SCHEME u/s 10 were to file declaration by filing FORM ITC01 within 30 DAYS which has now EXTENDED UPTO 31 OCTOBER 2017 covering JULY, AUGUST OR SEPTEMBER as the case may be..
For reading notification text please refer - http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-44-cgst-english.pdf
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** As per rule 40 (1) (b) - the registered person shall within a period of thirty days from the date of
becoming eligible to avail the input tax credit under sub-section (1) of section 18, or within such further period as may be extended by the Commissioner by a notification in this behalf, shall make a declaration, electronically, on the common portal in FORM GST ITC-01 to the effect that he is eligible to avail the input tax credit as aforesaid:
Provided that any extension of the time limit notified by the Commissioner of State tax or the Commissioner of Union territory tax shall be deemed to be notified by the Commissioner.
As per sec 18(1) (c) - where any registered person ceases to pay tax under section 10, he shall be
entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the day immediately preceding the date from which he becomes liable to pay tax under section 9,
Hence,
Any registered person who CEASES to PAY TAX under COMPOSITION SCHEME u/s 10 were to file declaration by filing FORM ITC01 within 30 DAYS which has now EXTENDED UPTO 31 OCTOBER 2017 covering JULY, AUGUST OR SEPTEMBER as the case may be..
For reading notification text please refer - http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-44-cgst-english.pdf
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