Section 147 – Draft-Bills-Reports – TRANSITIONAL PROVISIONS – MODEL GST LAW – GOODS AND SERVICES TAX ACT, 2016 – Draft June 2016 – Section 147 – 147. Amount payable in the event of a taxable person switching over to composition scheme (1) Where a taxable person who has carried forward the amount of eligible credit in a return, furnished under the earlier law, in respect of the period ending with the day immediately preceding the appointed day, switches over to the composition scheme under section 8, he shall pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger, equivalent to the credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on
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