GST filing Mandatory form for new registration

ITC / Input 112 views 6 replies

Kumar

Partner

149 Points Joined August 2018

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)

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 Joined August 2018

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.