Claim if ITC on stocks 19-2020 conversion from composition

My client had exceeded the threshold limit of 1.50 crores in composition during 2019-20 and was instructed by the department to be in regular as the threshold limit crossed.

The then accountant ignored to submit ITC-01 to claim aiTC on Stocks.

After two months the file was transferred to me and by that time the eligible 60 days time was over and even then I have tried to file ITC-01. But, Portal didn't accepted.

Could you please suggest how to claim the ITC of Rs.11.32 Lakshmi ITC on stocks .






S S N MURTY
Replies (1)

Since the 60-day period for filing ITC-01 has expired, you can't claim the ITC on stocks through ITC-01. However, there's an alternative:

 1. File Form GST CMP-02: You can claim the ITC on stocks by filing Form GST CMP-02, which is the application for intimation of opting for regular scheme.

2. Declare the ITC in Table 4(A)(2): In the GST CMP-02 form, declare the ITC of ₹11.32 lakhs in Table 4(A)(2), which is for "Input tax credit on stocks".

 3. Provide detailed documentation: Attach detailed documentation, such as stock registers, invoices, and accounts, to support the ITC claim. .

4. Submit the form: File the GST CMP-02 form and pay the applicable late fee (if any). 

5. Departmental approval: 

The department will review and approve your application. If approved, you'll receive an acknowledgement reference number. 

6. Claim ITC in GSTR-3B: After receiving the acknowledgement reference number, you can claim the ITC of ₹11.32 lakhs in your GSTR-3B return for the relevant period. 

Additionally, be prepared to address any potential queries or notices from the department. 

Remember, it's essential to act promptly and accurately to claim the ITC on stocks.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 October 2026
CA ARTICLE

AMKN & CO

Noida

CA Inter

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
24 October 2026
CA Industrial Trainee

Fytomax Nutrition Private Limited

Aurangabad

CA Inter

View Details
Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article Assistant

Malhotra Rajesh & Associates

New Delhi

B.Com

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details