What would be input tax eligibility in cases where taxable person paying tax under section 7 opts to pay tax under Compounding Scheme under Section 8?

As per section 16(12) of the MGL, the registered taxable
person, who was paying tax under section 7 opts to pay tax
under Compounding Scheme under Section 8, has to pay an
amount equivalent to the input tax credit in respect of inputs
held in stock and inputs contained in semi-finished or finished
goods held in stock on the day immediately preceding the
date of such switch over. It has also been provided that after
payment of the amount on such goods, the balance, if any
available in electronic credit ledger would lapse. The amount,
required to be paid, is to be calculated as per GAAP in terms of
section 16(13) of the MGL.