Composition scheme requires payment equivalent to accumulated input tax credit on stock before switchover; excess credit lapses. A taxable person switching to the composition scheme is not entitled to refund of input tax credit in the electronic credit ledger and must pay an amount equal to the ITC on inputs held in stock on the day before switchover. That amount may be paid through the electronic credit ledger or the electronic cash ledger; if paid through the electronic credit ledger any excess ITC balance will lapse.