As per Section 18(1)(c) of CGST Act 2017, where any registered person ceases to pay tax under Composition Scheme and becomes/opt to become regular taxpayer, he shall be entitled to take credit of input tax in respect of:
o inputs held in stock,
o inputs contained in semi-finished or
o inputs contained finished goods held in stock and
o inputs contained on capital goods
ITC-1 is filed for Claiming ITC in terms of Rule 40 of CGST Rules 2017 with 30 days from immediately the previous day when he became liable to pay tax as a regular taxpayer.
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