https://www.taxtmi.com/forum/issue?id=116023 Section 18(4) requires reversal of ITC for inputs, inputs in semi finished and finished goods, and capital goods held on the day immediately preceding exercise of the option to join the composition scheme; the taxpayer must debit an amount equivalent to that credit to the electronic credit or cash ledger (subject to prescribed reductions), and any remaining balance in the electronic credit ledger after payment shall lapse. Goods acquired on or after the date of opting into composition are not subject to this reversal. Incomplete records do not negate the statutory reversal obligation, and tax on value addition for pre option stock must be discharged in cash. en-us Sat, 15 Feb 2020 00:16:41 +0530 Thu, 23 Jan 2025 15:54:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=116023 Section 18(4) requires reversal of ITC for inputs, inputs in semi finished and finished goods, and capital goods held on the day immediately preceding exercise of the option to join the composition scheme; the taxpayer must debit an amount equivalent to that credit to the electronic credit or cash ledger (subject to prescribed reductions), and any remaining balance in the electronic credit ledger after payment shall lapse. Goods acquired on or after the date of opting into composition are not subject to this reversal. Incomplete records do not negate the statutory reversal obligation, and tax on value addition for pre option stock must be discharged in cash. Discussion-Forum GST Sat, 15 Feb 2020 00:16:41 +0530 https://www.taxtmi.com/forum/issue?id=116023