How to Claim input tax under section 18 (1)(c) after expiry of one month

Reply— As per Section 18(1)(c) of CGST Act, 2017, where any registered person ceases to pay tax under section 10 (composition scheme), 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.

After filing the application to withdrawal from the Composition levy, the taxpayer is required to file a statement in the Form GST ITC-01 containing details of the stock of inputs and the inputs contained in finished goods or semi-finished held in stock on the date on which the option is withdrawn, within a period of 30 from the date from which the option is to withdraw. However commissioner has the power to condone the delay after expiry of 30 days period.