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Filing of ITC 01

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Shivanshu Dosar

51 Points Posted on 25 August 2020

In the case of conversion {Camp to Regualr Gst} ITC 01 is mandatory to file?

If yes then what is the grace time to file the ITC 01 from the date of conversion request?

Replies (3)

Quick Summary

When converting from a Composition scheme to a Regular GST registration, filing Form ITC-01 is not strictly mandatory. However, it is the only way to claim Input Tax Credit (ITC) on your existing stock of inputs, semi-finished goods, finished goods, and capital goods at the time of conversion. You must file ITC-01 within 30 days of becoming eligible to claim ITC, which is typically 30 days after your registration is granted or after opting out of the composition scheme by filing Form GST CMP-04.

Sagar Patel

Tax and Business Consultant

5533 Points Posted on 25 August 2020

Form ITC – 01 is required to be filed within 30 days of the person become eligible to claim ITC i.e. 30 days from grant of registration or opting out of composition scheme.(i.e within 30 days after filing Form GST CMP-04.)

Furnishing of Form GST ITC-01 enables the dealer to claim ITC on inputs, inputs in semi-finished or finished goods and capital goods in stock when he/she becomes a regular dealer.

So, it's not mandatory to file ITC 01, but if you want to claim ITC of stock with you, which you have at time of conversation ,than you can claim that Credit by ITC 01 only.