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.

For GST ITC 03

This form is required for reversal of Input Tax Credit. In case a regular person who has claimed Input Tax Credit on purchases switches to composition scheme then ITC which is lying in his electronic ledger as on the date of switch shall be reversed through this form.

In case a taxable supply subsequently becomes exempt , then ITC on such stock of taxable supply must be reversed through this form.

The ITC balance should be debuted from the ledger and if stock is in excess of amount of corresponding ITC the balance has to be paid in cash.

The input credit on capital goods must also be reversed as per the above provisions.

If after reversal any balance remains in the electronic credit  ledger shall be lapsed.

Form GST ITC 04

This form is required to be filed quarterly by a principal in case the inputs or capital goods are sent to job worker for further processing.

The details of inputs sent to job worker on which credit has been claimed  by the  principal   must be declared.

The details of capital goods if any sent to job worker for use on which credit has been claimed by the principal must be declared in this form.

This form is also used to declare the finished products received after job work has been done  and was returned to principal within the time limits as per the provisions of Gst Act.

If the Finished products after job work was directly sold from the job worker premises then details of such supply must be declared.

If job worker sent the inputs received to another job worker , details of such movement of goods must also be declared in this form

This form is required to be filed quarterly by 25th of the following quarter.