What is GST ITC-01 and How to File It?

Are you newly registered under GST or moving from a composition scheme to a regular scheme? If yes, then GST ITC-01 is an essential form for you! What is ITC-01? Form ITC-01 is used by taxpayers to claim Input Tax Credit (ITC) on inputs, semi-finished goods, and finished goods available with them at the time of: New GST registration Voluntary GST registration Switching from the composition scheme to the regular scheme You can file ITC-01 within 30 days from the date of becoming eligible to claim ITC. The credit claimed through ITC-01 is reflected in your electronic credit ledger. Who Should File ITC-01? Individuals who obtain GST registration voluntarily. Taxpayers moving from the composition scheme to the regular tax regime. Persons who stop paying tax under a special scheme. Important Points to Note: You can claim ITC only on goods in stock or semi-finished goods held before the GST registration. ITC can be claimed on capital goods if you were previously not eligible to claim input credit. Proper documentation of purchases, such as invoices and tax payment receipts, is crucial for claiming ITC. Steps to File ITC-01: Log in to the GST portal and navigate to Services > Returns > ITC Forms > ITC-01. Fill in the details of stock and goods. Attach necessary invoices and documents. Submit and file the form electronically. Conclusion: Timely filing of ITC-01 ensures you claim all eligible input tax credit and can use it for future tax payments. Don’t miss out on this critical step if you’re transitioning to the regular GST scheme or registering for the first time! If you have any queries related to GST ITC-01, feel free to reach out on WhatsApp at 6367744602.