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of <h1>Taxpayer Transitioning from Composition to Regular Scheme Eligible for ITC on Stock and Capital Goods with Deductions</h1> A registered person who was paying tax under the composition scheme until July 30, 2017, and became liable to pay tax under the regular scheme from July 31, 2017, is eligible for input tax credit (ITC). This eligibility applies to inputs held in stock, inputs contained in semi-finished or finished goods held in stock, and capital goods as of July 30, 2017. The ITC on capital goods is subject to a reduction by a prescribed percentage.
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