Form GST ITC-01

Team Masters India
Team Masters India at March 03, 2022
Taxpayers who have recently registered under the GST regime should fill Form GST ITC-01 to claim the available Input Tax Credit. In other words, Form GST ITC -01 is a declaration form filed on the GST portal for claiming the eligible ITC. Note: Filling of this form is mandatory to claim ITC. In this article, we will help you understand:

When Should ITC-01 Be Filled?

ITC-01 is required to be filed if-
  • The GST registration is applied within 30 days of becoming liable to pay GST [Section 18(1)(a)],
  • A taxpayer is opting to take a voluntary GST registration,
  • A taxpayer who has opted out of the composition scheme continues to be registered under GST as a regular taxpayer [18(1)(b)],
  • A previously exempted supply becomes a taxable supply.
Note: ITC cannot be claimed if a taxpayer fails to file Form ITC-01 Form.

Types Of Input Tax Credit Allowed

Taxpayers can claim Input Tax Credit for:
  • Inputs held in stock on the cut-off date.
  • Inputs in semi-finished goods on the cut-off date.
  • Inputs in finished goods on the cut-off date.
  • Capital goods held on the cut-off date.
Note: The ITC, as mentioned above, is available only when a composition scheme dealer opts out of the composition scheme but continues as a regular taxpayer or when exempted supplies become taxable under GST.

Steps To File ITC-01

  • Login to the GST portal.
  • Click on ‘Services’ and then under ‘Returns’ select ‘ITC forms > ITC 01’.
  • Click on ‘Prepare online’ or ‘Prepare offline’ as suitable.
  • Choose the type of ITC Claim.
  • Fill the asked details and select the applicable clause and sub-clause of section 18 under which the claim is made (in the ‘Claim made under’ tab).
  • Fill up these required details invoice-wise:
    • Select the type of goods.
      1. Inputs held in stock
      2. Inputs contained in semi-finished goods or finished goods
      3. Capital goods.
    • Enter the GSTIN of the supplier, invoice number and invoice date.
    • Select Unit Quantity Code (UQC).
    • Add the description of goods.
    • Enter the quantity, Invoice amount and ITC amount (CGST and SGST or IGST).
    • For claims made under 18(1)(d), the date on which the goods became taxable should also be entered.
  • Click on the ‘Add’ button to continue adding more invoices or click on ‘Save’ to proceed to submit.
  • ‘Preview’ the filled in details and then click on ‘Submit’ and then ‘Proceed’.
  • Upload the certificate issued by the CA (if applicable). For any claims that exceed ₹2,00,000, the details of Chartered Accountant or Cost Accountant need to be updated along with the certificate. The basic detailed required here are:
    • Name of the CA firm,
    • Name of the CA certifying the form,
    • Membership number of the CA,
    • Date of issuance of the certificate.

Note: The file size of the certificate (to be uploaded) should not exceed 500KB, and it should be in JPEG format.

  • File with Digital Signature Certificate (DSC) or Electronic Verification Code (EVC).

Points To Remember

  • ITC on services cannot be claimed through Form ITC-01.
  • ITC on capital goods can be claimed through ITC-01 form only if the composition dealer has opted out of the composition scheme or when an exempted supply becomes taxable supply.
  • Details of ITC on purchases have to be entered invoice wise (as on the cut-off date).
  • ITC on invoices up to one year old can be claimed in case of inputs (goods) and up to five years in case of capital goods.
  • If the ITC claim is more than ₹2,00,000, then the taxpayer has to upload a certificate from a Chartered Accountant or Cost Accountant along with this form.
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