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of <h1>Rules for claiming and transferring GST input tax credit on stock, capital goods, business reorganisation, and time limits</h1> Persons newly registered within prescribed conditions may claim input tax credit (ITC) for inputs, semi-finished/finished goods in stock immediately before liability or grant of registration; persons leaving composition or whose supplies become taxable may claim ITC for stock and capital goods subject to prescribed percentage reductions; ITC claims for any supply are barred after one year from invoice date; on business reorganisation with transfer of liabilities, unutilised ITC may be transferred as prescribed; a registrant opting into composition or becoming fully exempt must pay an amount (reduced by prescribed percentages) for stock and capital goods; supplies of capital goods previously credited require repayment equal to adjusted ITC or tax on transaction value, whichever is higher.
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