Facility to claim ITC on stock by filing FORM ITC 01 has been provided on the GST Portal to the following:
1. Newly Registered taxpayers
2. Taxpayers who have taken registration on Voluntarily Basis
3. Taxpayers who have opted out of Composition Scheme to pay tax as normal taxpayer
4. Registered persons who were providing exempt supply of goods and/or services which now have become taxable
1. Newly Registered Taxpayers can now file FORM ITC 01 on the GST Portal
Newly Registered Taxpayers can now file FORM ITC 01, to take credit of input tax 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 from which they become liable to pay tax under GST provisions.
(Refer Section 18(1) of CGST Act)
2. Taxpayers who have taken registration on Voluntary Basis can now file FORM ITC 01 on the GST Portal
Taxpayers who have taken registration on Voluntary Basis can now file FORM ITC 01, to take credit of input tax in respect of inputs held in stock, and contained in semi-finished or finished goods held in stock on the day immediately preceding the date of grant of registration.
(Refer Section 18(2) of CGST Act)
3. The composition dealers, who opt out of composition scheme and opt to pay tax as normal taxpayer can now file FORM ITC 01 on the GST Portal
The composition dealers, who opt out of composition scheme and opt to pay tax as normal taxpayer can now file FORM ITC 01, to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock or on capital goods on the day immediately preceding the date on which he becomes liable to pay tax under Section 9.
(Refer Section 18(3) of the CGST Act).
4. Registered persons whose exempt supply of goods and/or services become taxable can now file FORM ITC 01 on the GST Portal
Registered persons whose exempt supply of goods and/or services become taxable can now file FORM ITC 01, to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock relatable to such exempt supply and on capital goods exclusively used for such exempted supply.
(Refer Section 18(4) of the CGST Act).
For details, Refer Sec 18 (1) of CGST Act and Rule 40 of CGST Rules. To fill Form ITC 01,
visit www.gst.gov.in/ > Login > Services > Returns > ITC Forms > ITC 01
In fact, many of the registered persons could not file GSTR ITC-01 due to errors in JSON file. But miserably fact is that the system is not disclosing the type of errors and solution thereof and with this sort of puzzling the users is common to GSTN. Kindly advice us is there any solution to file GSTR ITC-01 properly?