Form GST-01 is used to claim Input tax credit by taxpayers that have newly registered under GST. Newly registered persons need to declare any existing stock of inputs, capital goods and/or finished goods at their place of business as on the day they obtained their GST registration. They do this through filing Form GST-01, which is a mandatory requirement in order to claim ITC on such stock.
In the following situations, you must submit a declaration using ITC – 01:
Given below are the different types of input tax credits allowed for newly registered GST taxpayers
Exempted supply becomes taxable only when a composition dealer opts out of the composition system.
To be eligible to claim ITC, a person must complete Form ITC – 01 within 30 days after becoming eligible (within 30 days after GST registration is granted or opting out of the composition scheme).
|Case||Cut-off date||No. Of times ITC can be claimed by filing ITC 01|
|If an application for GST registration is submitted within 30 days of the taxpayer becoming liable to make GST payments.||One day before the date he becomes liable to pay GST.||Once|
|When an individual chooses to voluntarily register under GST||One day before the date GST Registration is granted||Once|
|When a taxpayer decides to opt out of the composition scheme but keeps their normal taxpayer status.||As of the previous day if he chooses to make his tax in the traditional way.||Once every year|
|When a formerly exempt supply of goods or services becomes taxable.||Preceding the date on which the supply becomes taxable||Once every month|
Step-1: Login to the GST portal.
Step-2: Click on Services > Returns > ITC forms > ITC 01.
Click on “Prepare online” or “Prepare offline.”
Step-3: Select the type of ITC Claim and fill in the required details. In the ‘Claims made under tab, select the clause and sub-clause of Section 18 under which you are making the claim. The fields will remain the same in either case.
Please follow the steps below to provide the appropriate invoice information:
Note: For claims under Section 18(1)(d), you also need to enter the date on which the items became taxable. To add additional invoices, click the ‘Add’ button; to submit, select the ‘Save’ button.
Step-4: After you’ve entered all of the invoice information, choose Preview > Submit > Proceed
Please be aware that once the status changes to “submitted” or you click “Proceed,” no changes can be made.
Step 5: Put your CA certificate here if you need one. For claims above INR 2 lakhs, an up-to-date certificate and Chartered Accountant or Cost Accountant information are required. Please fill in the following information:
Step 6: Remember to use DSC or EVCO while filling out the Form. After the Form has been filed successfully, the user may choose an authorized signatory from a drop-down menu and then click the “File using DSC” or “File using EVC ” button to complete the filing process using a digital signature or electronic verification code. After a return is submitted, the taxpayer will get an ARN via SMS or email. GST ITC 01 is now filed. After submitting Form ITC 01, the ITC claims are available in the electronic credit ledger.