Works contractor composition application: select 2.5% or 3% rate and disclose opening stock, capital goods, and ITC reversals. Form WC 01 enables an eligible works contractor to opt for the composition scheme by declaring TIN, dealer details, year of effect and selecting the composition rate (2.5% or 3% of turnover), and requires turnover figures. It mandates computation and payment of tax on opening stock and on capital goods where ITC claimed in the preceding three years is to be reversed, with supporting challan/proof of deposit. Part B supplies rate wise schedules for trading stock, raw material, packaging, finished goods and capital goods showing purchase value, fair market value on the opening day and tax payable, with totals carried to Part A and signed verification.