GST ITC FORMS IN GST PORTAL
Input Tax Credit in Gst is the main and key component of GST . Input Tax Credit means the credit of tax paid on inputs / inputs services / capital goods.
There are different forms in Gst for the purpose of Claiming Input Tax Credit in different cases. We will discuss there forms in details which are available in GST Portal.
For GST ITC 01
The form in GST ITC 01 shall be filed by persons who wish to claim Input tax credit in special circumstances.
This form can be filed for claiming Input Tax Credit U/s 18 of CGST Act.
As per section 18(1)(a) of CGST Act , every person who is liable for registration in GST , get himself registered within 30 days of such date then he can claim ITC on stock held on the date immediately preceding the date on which liability to take registration has arised.
The input credit for stocks held as raw material, semi finished goods , finished goods can be claimed.
The Input credit on services and capital goods are not allowed under this provision of Gst.
This form cannot be filed if registration has not been taken within 30 days of liability date for registration.
To claim Input Tax Credit under this clause , Form Gst ITC 01 has to be filed online on Gst Portal.The details of invoice such as registration number of supplier , Invoice No , Invoice Date, Taxable Value and Tax Amount needs to be declared in this form.
As per section 18(1)(b) of CGST Act , every person who takes voluntary registration in GST , can claim ITC for stock held in raw materials , finished or semi finished goods on the date immediately the date of registration.
For claiming the ITC Form Gst ITC 01 form must he filed online and section 18(1)(b) shall be selected in the form.
The details of invoice for which ITC needs to be claimed must be filed in this form.
As per section 18(1)(c) of CGST Act , if a registered person under composition scheme shifted to regular scheme , then ITC for stock on raw material , semi or finished goods , capital goods on date of switching can be claimed.
The for GST ITC 01 must be filed online for the purpose of claiming input tax credit within 30 days of switching from composition to regular scheme.
As per section 18(1)(d) , in case any supply which was exempted subsequently becomes taxable , the registered person can claim ITC on stock of such goods as on the date of change.
The form GST ITC 01 is also required to be filed within 30 days of such change to claim input tax credit.
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Form GST ITC 02
This form is required to be filed by the taxpayer for transfer of input tax credit which remains unutilised.
In the event of sale , merger , change in constitution , death of proprietor etc of business , the balance of unutilised itc in the electronic ledger of old business can be transferred to new firm as per section 18(3).
The form ITC 02 has to be filed online by the old or transferor GSTIN. The eligible amount of input tax credit may be transferred through this form.
The condition to transfer input tax credit as per this provision is that the liabilities shall also be transferred from old to the new or transferee entity.