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<h1>Input tax credit entitlement on registration or status changes, with prescribed reversals and a one year invoice time limit.</h1> Availability of Input Tax Credit is provided when registration or tax status changes: newly registered persons and those registered under specific provisions may claim credit for inputs and inputs contained in stock held immediately before liability or grant of registration. Credit is also allowed when exempt supplies become taxable or when a person ceases composition status, subject to prescribed percentage reductions, a one year invoice time bar, prescribed calculation methods, transfer of unutilised electronic credit on business reorganisation, and reversal rules for capital goods with a higher of measurement against transaction value.
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