ITC -03

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Aparna (Querist)
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25 March 2021 Sir,
We have select option for composition scheme for FY 20-21 dt 23-06-2020 in fy 19-20 there is some stock in hand .Now i have two Question Please give the solution.

1. can we required to filed ITC -03 ? or if there is no stock than we required to filed nill ITC -03 ?

2. as per my knowledge ITC -03 filed with in 180 of after filling CMP-02 so as per that last date is 20-12-2020. so can we filed ITC -03 today is there any late fee interest on that ?
Kindly Guide ASAP

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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12 July 2024 Let's address your questions regarding the filing of Form GST ITC-03 after opting for the Composition Scheme under GST:

### 1. Requirement to File GST ITC-03:

- **Stock in Hand During Opting for Composition Scheme (FY 20-21)**: If you had stock in hand of inputs, semi-finished goods, or finished goods when you opted for the Composition Scheme for FY 20-21 on 23-06-2020, you are required to file Form GST ITC-03 to declare the details of such stock.

- **No Stock in Hand**: If you did not have any stock in hand (zero stock) when you opted for the Composition Scheme, you would still need to file a nil ITC-03 to declare that there is no stock for which credit needs to be reversed.

### 2. Filing Timeline and Late Fee:

- **Filing Deadline**: As per the GST rules, Form GST ITC-03 must be filed within 180 days from the date of opting for the Composition Scheme. In your case, since you opted for the scheme on 23-06-2020, the filing deadline was 20-12-2020.

- **Late Filing**: If you file Form GST ITC-03 after the due date (20-12-2020), technically you are liable to pay late fees. The late fee is Rs. 200 per day (Rs. 100 under CGST and Rs. 100 under SGST/UTGST) from the due date of filing, subject to a maximum of Rs. 5,000. However, as of my last update, there were discussions and notifications about the waiver of late fees for late filing of certain returns. It would be prudent to check the latest notifications or updates on the GST portal regarding any waivers or reductions in late fees.

### Steps to File GST ITC-03:

- Login to the GST portal using your credentials.
- Navigate to the 'Services' menu and click on 'Returns' > 'ITC Forms'.
- Select 'ITC-03' and the relevant financial year (FY 20-21).
- Fill in the details of stock held on the date of opting for Composition Scheme.
- Submit the form electronically using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code).

### Conclusion:

- Yes, you are required to file Form GST ITC-03 if you had stock in hand when opting for the Composition Scheme for FY 20-21. If there was no stock, a nil ITC-03 should still be filed.
- The deadline for filing ITC-03 after opting for the Composition Scheme was 20-12-2020, and there may be late fees applicable for filing after this date.
- Check the GST portal for any updates on late fee waivers or reductions that may affect your filing.

It's advisable to proceed with filing Form GST ITC-03 at the earliest to comply with GST regulations and minimize any potential late fees. If you have specific concerns or require further assistance, consulting with a GST expert or tax advisor would be beneficial.

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