As per Notification No. 45/2017 – Central Tax, the person taking registration under composition levy has to file FORM GST ITC-03 within 90 days from the date on commencement of composition levy.
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.
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