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of <h1>Taxpayer Switching from Composition to Regular GST Can Claim Input Credit on Stock Per Section 8 Conditions.</h1> A registered taxable person transitioning from a composition scheme to the regular GST regime is entitled to claim credit for eligible duties and taxes on inputs held in stock, including semi-finished or finished goods, on the appointed date. This credit is permissible if the inputs are intended for taxable supplies, the person is not paying tax under section 8, was eligible for input tax credit under the previous law, and possesses valid invoices issued within the last twelve months. The credit amount is calculated according to prescribed accounting principles and may be recovered if deemed recoverable through legal proceedings.
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