In this article you will get to know about all the 4 Types of ITC Forms available at GST Portal in brief and will help to get a clear understanding about them by reading CRUX.
There are 4 types of ITC Forms, which are as follows:-
♣ ITC 01 – ITC for new GST Registration
♣ ITC 02 – Transfer of ITC in case of sale/merger etc.
♣ ITC 03 – Reversal of ITC
♣ ITC 04 – ITC on goods sent to Job Worker
The declaration form in ITC – 01 is required to be filed in the following cases:
(Input tax credit is allowed in respect of inputs held in stock, inputs contained in semi-finished/finished goods, capital goods on the cut-off date.)
Points to remember while filing ITC 01:
1. Know what input tax credits can be claimed. For example, the ITC in respect of services cannot be claimed in Form ITC 01. ITC in respect of capital goods can only be claimed in case composition dealer opts out of composition scheme and where exempted supply becomes taxable supply.
2. Invoice wise Details of ITC on purchases as on the cut-off date should be available.
3. Form ITC 01 should be filed within 30 days of the date of registration/migration to a regular scheme.
4. Invoices up to one year old can be claimed in case of inputs and up to five years in case of capital goods.
5. If the ITC claim is more than INR 2 lakhs, Chartered Accountant certificate or Cost Accountant certificate must be uploaded.
A registered taxpayer can apply for transfer the matched Input Tax Credit available in the Electronic Credit Ledger to another business entity in case of transfer of business by way of sale of business / merger / demerger by filing of ITC declaration in FORM GST ITC-02.
However, there are certain Pre-requisites for filing this form. These are:
The process of transferring matched unutilized ITC by filing the FORM GST ITC-02 is broadly divided into two steps:
It should be filed under two situations:
Pre-requisites to file ITC 03:
If a taxpayer is filing ITC 03 on account of opting for composition scheme, he should file this form once in a financial year. This is because once he opts for composition scheme in the beginning of the financial year, it cannot be changed till the next financial year.
This form has to be filed within 60 days from the commencement of the financial year. If CMP 02 has been filed before March 31 2018, then ITC 03 has to be filed within 180 days of commencement of the scheme .If a taxpayer is filing ITC 03 on account of products or services becoming exempt, he should file the form as and when the notifications are issued.
FORM GST ITC-04 must be submitted by the principal every quarter. He must include the details of challans in respect of the following:
ITC-04 is a quarterly form. It must be furnished on or before 25th day of the month succeeding the quarter. For example, for Oct-Dec quarter, the due date is 25th Jan.
The principal manufacturer will be allowed to take credit of tax paid on purchase of goods send on job work:
The goods send must be received back by the principal manufacture within the following period:
In case goods are not received within the period mentioned above, such goods will be treated as supply from the effective date and tax will be payable.