reverse value

Switching from composition scheme under current regime to normal tax payer under GST will attract transition provision and will be allowed credit of duties held in stocks as inputs or credit of value added Tax in respect of inputs and inputs contained in semi-finished or finished goods on the appointed date subject to the following conditions:

Such inputs or goods are used or to be used in the making of taxable supplies
Not being a composite scheme holderBeing eligible to claim credit of taxes
The inputs were not such that credit was not admissible under the earlier law due to being mentioned in any schedule or otherwise
Being in possession of invoice or document evidencing payment of duties under earlier laws w.r.t. inputs held in stock and semi-finished or finished goods
Such invoices and/ or documents were issued maximum twelve months before the appointed date.