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Input Tax Credit Under GST – Applicable Rules

The concept of Input tax credit (ITC) was introduced to avoid the cascading effect of indirect taxes. The ITC related provisions are stated in Section 16 of the CGST Act, 2017 and Rule 36 of the CGST Rules, 2017. You can refer to this  article for the basic details. In this article, we have summarised … Read moreInput Tax Credit Under GST – Applicable Rules

Preparing ITC-04 Using Offline Utility

The GST law generally allows a registered person (principal) to send inputs and capital goods to the job-worker without the payment of GST as long as the inputs are returned within 1 year and the capital goods are returned within 3 years. In such a case, the principal will have to file a declaration in … Read morePreparing ITC-04 Using Offline Utility

Form GST ITC-01

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, … Read moreForm GST ITC-01

Form GST ITC – 02

The transfer of input tax credit (ITC) on sale, merger, demerger, amalgamation, lease, or transfer of a business can be done by a taxpayer by filing Form GST ITC-02. In this article, we will discuss Form GST ITC-02 in detail: This article discusses the following in detail: What Is Form GST ITC-02? What Are The … Read moreForm GST ITC – 02


Form ITC-03 is to be filed by a specified class of GST registered taxpayers when the Input Tax Credit that has already been availed has to be reversed. In this article, we will help you understand: What Is Form ITC-03? Prerequisites To File Form ITR-03 When Should The Form ITC-03 Be Filed? What Are The … Read moreITC-03

What is GST ITC 04 Form?

GST ITC 04 is a form used by GST registered taxpayers to file quarterly returns to claim Input Tax Credit (ITC). With the help of this form, the details of the inputs or the goods sent to the job worker and received from the job worker are recorded. Here, the quantity and description of goods … Read moreWhat is GST ITC 04 Form?

How to Calculate Input Tax Credit (ITC) under GST?

Before knowing how to calculate Input Tax Credit (ITC) under GST it is important for us to know what is the meaning of ITC. The meaning of ITC can be effortlessly comprehended when we take the words ‘input’ and ‘tax credit’ into consideration. Inputs are materials or services that a manufacturer purchases or render to … Read moreHow to Calculate Input Tax Credit (ITC) under GST?