Dear Kartik 

The company falling under special circumstances is eligible to take ITC till the expiry of one year from the date of issue of tax invoice relating to such supply as per the provision of section 18(2) of the CGST Act,2017.

When a company ceases to pay tax under section 10 and got eligible to pay tax under section 9 of the said Act, covered under special circumstances specified in clause (c) of section 18(1).

Please refer the proviso for your reference:

Section 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.

Section 18(2)

 A registered person shall not be entitled to take input tax credit under sub-section (1) in respect of any supply of goods or services or both to him after the expiry of one year from the date of issue of tax invoice relating to such supply.

Thank you!

Hi Juhee!

Our due date of filing GST CMP-04 is lapsed, what are the consequences of non filing of GST CMP-04, would it create any problem in claiming ITC?