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of <h1>Transitioning to GST Composition Scheme: Pay Input Tax Credit for Stock; Remaining Credit Lapses.</h1> A taxable person transitioning to the composition scheme under the GST Act must pay an amount equivalent to the input tax credit for stock inputs and goods held before the switch. This payment is made via debit in the electronic credit or cash ledger. Any remaining input tax credit in the electronic credit ledger will lapse after this payment. This provision applies to credits carried forward from previous laws, including Value Added Tax, and is outlined in both the Central and State GST laws.
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