Input tax credit adjustment requirement: registered persons opting composition must debit electronic ledger equivalent to input credits on stock. Registered persons opting to pay tax under the notification must pay, by debit to the electronic credit ledger or electronic cash ledger, an amount equivalent to input tax credit attributable to inputs in stock, inputs contained in semi-finished or finished goods in stock, and on capital goods, treating the supply as if section 18(4) and the applicable rules applied, after which any remaining input tax credit in the electronic credit ledger shall lapse.
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Provisions expressly mentioned in the judgment/order text.
Input tax credit adjustment requirement: registered persons opting composition must debit electronic ledger equivalent to input credits on stock.
Registered persons opting to pay tax under the notification must pay, by debit to the electronic credit ledger or electronic cash ledger, an amount equivalent to input tax credit attributable to inputs in stock, inputs contained in semi-finished or finished goods in stock, and on capital goods, treating the supply as if section 18(4) and the applicable rules applied, after which any remaining input tax credit in the electronic credit ledger shall lapse.
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