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On the date of obtaining the GST registration, persons carrying on regular business would be holding stock of inputs, capital goods and finished goods at their place of business. The GST paid on such goods purchased cannot be claimed as Input Tax Credit (ITC) before the date of obtaining GST registration. Only after obtaining the GST registration, taxpayers can avail input tax credit of GST paid on such inputs, capital goods and inputs in finished goods lying in stocks, from the effective date of obtaining registration.
Form GST – ITC 01 is a declaration form filed on GST portal for claiming the input tax credit by taxpayers newly registered under GST. Filing of this form is mandatory to claim ITC on such stock.
The declaration form in ITC – 01 is required to be filed in the following cases:
It should be noted that ITC cannot be claimed if the person fails to file Form ITC – 01.
Applies only in cases where a composition dealer opts out of the composition scheme and where exempted supply becomes taxable supply.
Form ITC – 01 is required to be filed within 30 days of the person become eligible to claim ITC i.e. 30 days from grant of registration or opting out of composition scheme.
|Case||Cut-off date||No of times ITC can be claimed by filing ITC 01|
|When the application for GST registration is made within 30 days of becoming liable to pay tax [Section 18(1)(a)]||Date immediately preceding the date when he becomes liable to pay tax.||Once|
|When any person who opts for voluntary registration [Section 18(1)(b)]||Date immediately preceding grant of registration||Once|
|When any person opts out of composition scheme but continues to be registered and pay tax as a regular taxpayer [Section 18(1)(c)]||Date immediately preceding day when he opts to pay tax under regular mode.||Once in a year|
|When an exempt supply of goods/services becomes taxable supply [Section 18(1)(d)]||Date immediately preceding the date when the supply becomes a taxable supply||Once in month|
For example, Mr A, a trader opts for voluntary registration on 29 December 2018. Mr A would be eligible to claim ITC of inputs held in stock, inputs in semi-finished goods and finished goods lying in stock and capital goods with him as on 28 December 2018.
Step-1: Login to GST portal.
Step-2: Click on Services tab > Returns > ITC forms > ITC 01.
Click ‘Prepare online’ or ‘Prepare offline’ button.
Step-3: Select the type of ITC Claim and Fill in the Details Select the clause and sub-clause of Section 18 under which claim is made in ‘Claim made under’ tab. The fields remain the same in each of the options mentioned above.
Proceed to file the necessary details invoice-wise as given below:
Note: For claims made under Sec. 18(1)(d), a date on which goods become taxable must also be entered. Click on ‘Add’ button to continue adding more invoices or Click on ‘Save button’ to proceed to submit.
Step-4: After entering all invoices, click Preview > Submit > Proceed
Note that no modification is allowed after status turns submitted or you click on Proceed.
Step-5: Upload CA certificate, if applicable.For claims of more than INR 2 lakhs, the details of Chartered Accountant or Cost Accountant need to be updated along with the certificate. The following details must be entered:
Step-6: File the form using DSC or EVCOnce the form is successfully submitted, Click on ‘File using DSC’ or File using EVC’ button and select the authorized signatory from the drop-down list to file using DSC or EVC.Once filed, ARN is generated and sent to the taxpayer via SMS or Email. The status of GST ITC 01 is changed to ‘Filed’.The ITC claimed in Form ITC 01 is then made available in the electronic credit ledger.