Form GST ITC-01

Sakshi Jain
Sakshi Jain at March 07, 2023

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Form GST ITC-01 Details

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 ITC 01  under GST 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 GST ITC 1 Form.

Types Of ITC (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 ITC 01 ca certificate format 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 ITC 01 Form .
  • 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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