Form itc 01
This query is : Resolved
CA Gaurav Ajit Potdar
(Querist)
28 December 2017
Facts:
One of Our Client has opted out of Composition Schme from 01/12/2017. on 09/12/2017. He had stock amounting to Rs 4 Lacs as on 30/11/2017.
Query: 1) Can he Claim ITC on the Stock held by him on 30/11/2017 by filling Form GST ITC 01 2) After login to the clients GST portal Form ITC 01 is not available or activated. 3) How or what is the procedure for filing form ITC 01 Please guide me in the above issue..
Facts:
One of Our Client has opted out of Composition Schme from 01/12/2017. on 09/12/2017. He had stock amounting to Rs 4 Lacs as on 30/11/2017.
Query: 1) Can he Claim ITC on the Stock held by him on 30/11/2017 by filling Form GST ITC 01 2) After login to the clients GST portal Form ITC 01 is not available or activated. 3) How or what is the procedure for filing form ITC 01 Please guide me in the above issue..
29 December 2017
ITC not available after composition scheme. Also the stock related ITC is taken / shown as per your purchase bills...
After opted then you can reverse the ITC and Show the details in CMP Form....
Message likes :
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CA Gaurav Ajit Potdar
(Querist)
31 December 2017
Sir He was a composite dealer prior to 1/12/2017, Hence credit of Stock as on 30/11/2017 needs to be claimed by filing ITC 01. ie as per sec 18 (1) (c)
30 October 2026
You are right: Sec 18(1)(c) allows credit on inputs in stock, semi-finished and finished goods held on the day before opting out (capital goods less 5 percentage points per quarter), claimed in ITC-01 within 30 days of becoming liable to regular tax; CMP-04 is the withdrawal form, and a claim above Rs 2 lakh needs CA/CMA certification.
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