Migration to Regular from composition scheme

[Vivek anandhan]

Dear Expert

We are now in composition category in GST. now we want to migrate to Regular category. Whether we can take credit on stock in which GST paid. In case of credit eligible please inform what form need to be filed.

Regards

Vivekanandhan

Sunbeam Generators Pvt Ltd

AI Summary

Business Switching from GST Composition to Regular Scheme: File GST CMP-04 and ITC-01 to Claim Input Tax Credit. A business under the GST composition scheme seeks to migrate to the regular scheme and inquires about claiming input tax credit (ITC) on existing stock. An expert advises filing Form GST CMP-04 to opt out of the composition scheme, allowing ITC on stock held before the transition. Another expert adds that Form ITC-01 must also be filed within 30 days to claim the credit.