GST filing Mandatory form for new registration

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Kumar

Partner

149 Points Posted on 31 October 2021

I have received my Gst registration number (regular, voluntary).

Is there any other mandatory processes/ filing after getting Gst registration?

I want to take ITC in future purchase, is it compulsory to file ITC 1 or any other form? Or ITC 1 is only applicable if i want to claim previous input?

Thanks for helping

Replies (6)

Quick Summary

After obtaining your GST registration, it's important to know about mandatory filings. Form ITC-01 is required when you become liable for GST, opt for voluntary registration, switch from the composition scheme, or if an exempt supply becomes taxable. Failing to file ITC-01 means you cannot claim input tax credit on stock held on the cut-off date. However, if you haven't made previous purchases and are only looking to claim credit on future purchases, filing ITC-01 is generally not necessary; you can claim this via GSTR-2A/B.

CA Aakarsh Jain

10436 Points Posted on 31 October 2021

The declaration form in ITC – 01 is required to be filed in the following cases:

When an application for GST registration is made within 30 days of becoming liable to pay GST. [Section 18(1)(a)]

When any person opts for voluntary registration. [Section 18(1)(b)]

When any person opts out of composition scheme but continues to be registered as a regular taxpayer. [Section 18(1)(c)]

When an exempt supply of goods/services becomes taxable supply. [Section 18(1)(d)]

It should be noted that ITC cannot be claimed if the person fails to file Form ITC – 01.

Types of input tax credit allowed

Input tax credit in respect of inputs held in stock on the cut-off date.

Input tax credit in respect of inputs contained in semi-finished goods on the cut-off date.

Input tax credit in respect of inputs contained in finished goods on the cut-off date.

Input tax credit in respect of capital goods on the cut-off date.

Kumar

Partner

149 Points Posted on 31 October 2021

Originally posted by : Aakarsh Jain
	The declaration form in ITC – 01 is required to be filed in the following cases:When an application for GST registration is made within 30 days of becoming liable to pay GST. [Section 18(1)(a)]When any person opts for voluntary registration. [Section 18(1)(b)]When any person opts out of composition scheme but continues to be registered as a regular taxpayer. [Section 18(1)(c)]When an exempt supply of goods/services becomes taxable supply. [Section 18(1)(d)]It should be noted that ITC cannot be claimed if the person fails to file Form ITC – 01.Types of input tax credit allowedInput tax credit in respect of inputs held in stock on the cut-off date.Input tax credit in respect of inputs contained in semi-finished goods on the cut-off date.Input tax credit in respect of inputs contained in finished goods on the cut-off date.Input tax credit in respect of capital goods on the cut-off date.