When filing is the Form GST ITC-03 is needed for a taxpayer

When is the filing of Form GST ITC-03 needed for a taxpayer?

In following conditions taxpayer  must file Form GST ITC-03:

• The taxpayer has opted for composition scheme or goods or services or both supplied. By a taxpayer becomes wholly exempt or taxpayer whose registration is canceled.
• The taxpayer has availed ITC in respect of input held in stock and input contained in semi-finished goods or finished goods held in stock and on capital goods or plant and machinery.