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GST Tip – 205

As per Draft Input Tax Credit Rules, the taxpayer who has registered for GST  as regular taxpayer now opts for Composition Scheme, then the input tax credit has to paid in FORM GST ITC-03 as output tax liability for the inputs lying in stock, and inputs contained in semi-finished and finished goods lying in stock, the input tax credit shall be calculated proportionately on the basis of corresponding invoices on which credit had been availed by the registered taxable person on such input.