15 November 2019
On the date of obtaining the GST registration, persons carrying on regular business would be holding stock of inputs, capital goods and finished goods at their place of business.
The GST paid on such goods purchased cannot be claimed as Input Tax Credit (ITC) before the date of obtaining GST registration. Only after obtaining the GST registration, taxpayers can avail input tax credit of GST paid on such inputs, capital goods and inputs in finished goods lying in stocks, from the effective date of obtaining registration.
Form GST – ITC 01 is a declaration form filed on GST portal for claiming the input tax credit by taxpayers newly registered under GST. Filing of this form is mandatory to claim ITC on such stock.