Input tax credit when person opts out of composition scheme :
Where any registered taxable person ceases to pay tax under section 10 of CGST Act [which provides for composition scheme], he shall be entitled to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock and on capital goods on the day immediately preceding the date from which he becomes liable to pay tax under section 9 of CGST Act [on basis of transaction value]. The Credit on capital goods shall be reduced by such percentage as may be prescribed – section 18(1)(d) of CGST Act.