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?
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Filing of ITC 01
Replies (3)
Quick Summary
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.
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.
Tq sir
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