How is my ITC calculated if I migrate from the normal tax scheme to the composition scheme?

June 27, 2022 /

When a Business owner migrates to the Composition scheme, they must pay an amount equivalent to the value of the inputs held in stock on the day immediately before the migration. Any ITC remaining in the credit ledger after this payment will be lapsed . The Business owner should file form GST ITC-03 for the credits to be carried forward to the Composition scheme.

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