Input tax credit entitlement for new registrations, transfers and changes subject to prescribed reductions, time limits and ledger adjustments. Availability of input tax credit is provided for new or belated registrations, conversion from composition to normal taxation, and when exempt supplies become taxable, allowing credit for inputs, stock and capital goods subject to prescribed percentage reductions on capital goods. Claims are barred after one year from invoice date. Unutilised credit may be transferred on change of business constitution in the prescribed manner. A person opting into composition or becoming wholly exempt must debit an amount equal to credit on stock and capital goods, reduced by prescribed percentages, to the electronic credit or cash ledger; balance then lapses. Disposal of capital goods attracts repayment equal to adjusted credit or tax on transaction value, whichever is higher.