Latest Query & Reply

One of my clients opts to choose composition scheme to Normal scheme since 01/04/2014. I claimed input tax credit on stock lying in godown as on this date My jurisdiction not allowed ITC claimed on such stock  please guide me whether am I eligible to claim such credit or not

Reply

Please refer rule 18(7) of the Rajasthan Value Added Tax Rules, 2006. According to this rule no input tax credit on stock is available to you on switching from composition to VAT.