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

Input tax credit entitlement on stock after migrating from composition requires filing intimation and ITC claim within the prescribed period.
Migration from the composition scheme permits input tax credit on stock where tax was paid, limited to stock held before opting out. The taxpayer must file the intimation in Form GST CMP-04 and furnish Form ITC-01 within the prescribed time to record and claim that ITC upon conversion to the regular regime.