{"id":459,"date":"2021-09-01T11:37:12","date_gmt":"2021-09-01T11:37:12","guid":{"rendered":"https:\/\/www.gstrobo.com\/kc\/manuals\/?p=459"},"modified":"2021-09-01T11:38:36","modified_gmt":"2021-09-01T11:38:36","slug":"how-to-file-gst-itc-01-form-online","status":"publish","type":"post","link":"https:\/\/www.gstrobo.com\/kc\/manuals\/how-to-file-gst-itc-01-form-online\/","title":{"rendered":"How to File GST ITC-01 Form Online?"},"content":{"rendered":"\n

Most of the businesses have stock in-hand, capital goods, and finished items at the time of registering for GST. And only after acquiring the GST registration can a business claim ITC on such goods. But the question arises using which form a taxpayer can claim ITC. So, the answer to this question is GST ITC-01 form and in this blog, we will know how to file GST ITC-01 form online.<\/p>\n\n\n\n

What is GST ITC-01 Form?<\/strong><\/h4>\n\n\n\n

GST ITC-01 is a declaration form that needs to be furnished by newly registered taxpayers to claim the input tax credit on the stock held before obtaining registration.<\/p>\n\n\n\n

Different Types of Goods Against Which ITC is Allowed After Filing GST ITC-01<\/h4>\n\n\n\n

Taxpayers who are eligible for the ITC can claim it for the following items:<\/p>\n\n\n\n

  1. Inputs that were held in stock<\/li>
  2. Inputs contained in semi-finished goods<\/li>
  3. Inputs contained in finished goods<\/li>
  4. Capital goods<\/li><\/ol>\n\n\n\n

    When to File GST ITC-01 Form?<\/h4>\n\n\n\n

    In the following situations, the GST ITC-01 declaration form must be filed by a taxpayer to claim ITC:<\/p>\n\n\n\n

    1. When a GST registration application is submitted within30 days from the date on which taxpayer is liable to obtain GST registration. [Section 18(1)(a)] <\/li>
    2. When a person chooses to register voluntarily. [Section 18(1)(b)] <\/li>
    3. When a person opts out of the composition scheme either voluntarily or by virtue of law but liable to pay GST u\/s 9. [Section 18(1)(c)]<\/li>
    4. When exempted goods or\/and services become taxable. [Section 18(1)(d)]<\/li><\/ol>\n\n\n\n

      <\/p>\n\n\n\n

      Cut-Off Date to Claim ITC using ITC-01 Form<\/h4>\n\n\n\n

      <\/p>\n\n\n\n

      Case<\/td>Cut-off Date <\/td>No. of Times ITC can be claimed <\/td><\/tr>
      Section 18(1)(a)<\/td>The day before he\/she becomes liable to pay tax.<\/td>Once<\/td><\/tr>
      Section 18(1)(b) <\/td>The day immediately preceding the day when GST registration was granted.<\/td>Once<\/td><\/tr>
      Section 18(1)(c)<\/td>The day immediately precedes when day he\/she opts to pay GST as a normal taxable person. 
      Further credit for capital goods shall be reduced by such percentage as mentioned in the rules. <\/td>      		Once a year<\/td><\/tr>
      Section 18(1)(d)<\/td>The day immediately preceding the day on which such goods or\/and services become taxable. 
      Further credit for capital goods shall be reduced by such percentage as mentioned in the rules. <\/td>      		Once a month<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      <\/p>\n\n\n\n

      For example, on 1 October 2020, ABC Foods decided to opt out of the composition scheme and chose to remain a normal taxable person. So, in this case, ABC foods can claim ITC of stock in held, semi \u2013finished\/finished goods, or capital goods before 30th September 2020.<\/p>\n\n\n\n

      Filing Process of GST ITC-01<\/h4>\n\n\n\n

      Step 1:<\/strong> Go to the GST portal and log in.<\/p>\n\n\n\n

      Step 2:<\/strong> Select \u2018ITC forms > ITC 01′ under \u2018Returns’ after clicking on \u2018Services’.<\/p>\n\n\n\n

      Step 3:<\/strong> Select either \u2018Prepare online’ or \u2018Prepare offline,’ as appropriate<\/p>\n\n\n\n

      Step 4:<\/strong> Select the type of ITC claim you want to make.<\/p>\n\n\n\n

      In the \u2018Claim made under’ tab, fill in the requested information and choose the appropriate clause and sub-clause of section 18 under which the claim is made.<\/p>\n\n\n\n

      Step 5:<\/strong> Enter the supplier’s GSTIN, invoice number, and date.<\/p>\n\n\n\n

      Step 6:<\/strong> Select the types of goods.<\/p>\n\n\n\n

      1. Inputs in hand<\/li>
      2. Input found in semi-finished or finished goods<\/li>
      3. Capital goods<\/li><\/ol>\n\n\n\n

        Step 7:<\/strong> Choose unit quantity code (UQC).<\/p>\n\n\n\n

        Step 8:<\/strong> Enter invoice value.<\/p>\n\n\n\n

        Step 9:<\/strong> Enter ITC the amount.<\/p>\n\n\n\n

        Step 10:<\/strong> To continue adding invoices, click the \u2018Add’ button; to submit, click the \u2018Save’ button.<\/p>\n\n\n\n

        Step 11:<\/strong> Preview the filled-in information before clicking Submit.<\/p>\n\n\n\n

        Step 12.<\/strong> Once the form is submitted, click on the proceed button.<\/p>\n\n\n\n

        Uploading Certificate Issued by CA<\/h4>\n\n\n\n

        For any ITC claims over INR 2,00,000, the certificate is issued by the CA or CWA. To do so, the following information is required:<\/p>\n\n\n\n

        1. Name of the CA certifying the form<\/li>
        2. CA’s Membership Number<\/li>
        3. Name of the CA firm<\/li>
        4. Date of certificate issuance<\/li>
        5. Then file the GST ITC-01 form either by using Electronic Verification Code (EVC) or Digital Signature Certificate (DSC) (EVC).<\/li>
        6. Once file ARN is generated which is sent directly to the registered mail ID or phone number.<\/li><\/ol>\n\n\n\n

          Note: The certificate must be in JPEG format and the file size (to be submitted) must not exceed 500KB and must be in JPEG format.<\/em><\/strong><\/p>\n\n\n\n

          Points to Note<\/strong><\/h4>\n\n\n\n
          1. Form ITC-01 cannot be used to claim an ITC for services.<\/li>
          2. If the composition dealer has opted out of the composition system or if an exempted supply becomes taxable, ITC on capital goods can be claimed using the ITC-01 form.<\/li>
          3. Invoice wise ITC details must be entered (as on the cut-off date).<\/li>
          4. In the case of inputs (goods), ITC can be claimed on invoices up to 1 year, and for capital goods, up to 5 years.<\/li>
          5. If the ITC claim exceeds INR 2,00,000 the taxpayer must provide a certificate from a Chartered Accountant or Cost Accountant with this form.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

            Most of the businesses have stock in-hand, capital goods, and finished items at the time of registering for GST. And only after acquiring the GST registration can a business claim ITC on such goods. But the question arises using which form a taxpayer can claim ITC. So, the answer to this question is GST ITC-01 … <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6,61],"class_list":["post-459","post","type-post","status-publish","format-standard","hentry","category-gst","tag-gst","tag-gst-itc-01"],"_links":{"self":[{"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/posts\/459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/comments?post=459"}],"version-history":[{"count":3,"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/posts\/459\/revisions"}],"predecessor-version":[{"id":462,"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/posts\/459\/revisions\/462"}],"wp:attachment":[{"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/media?parent=459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/categories?post=459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/manuals\/wp-json\/wp\/v2\/tags?post=459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}