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18 May 2023 We are opting for a composition scheme from 01-04-2023 and have a stock of Rs. 200000 as of 31-03-2023. Which form should be filed by us to reverse ITC on stock held?

19 May 2023 You have to furnish the statement in FORM GST ITC-03 which is a declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under Section 18(4) of the CGST Act, 2017 within a period of sixty days from the commencement of the relevant financial year.

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