I have missed due date to claim itc 01

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Dear Sir,

This is to bring into your attention that I have opted for regular scheme from composition scheme So I missed due date to file itc 01. Please do the needful.

Regards

Lovelesh Soni

 

Replies (2)
Quick Summary
If you've switched from the composition scheme to the regular scheme and missed the deadline to file your ITC-01 form, don't worry. You can still file it belatedly, typically within 30 days of opting out, though you may need to pay interest and penalties. It's advisable to provide a valid reason for the delay and consult with a tax professional for guidance on the process and any other necessary compliances like filing GSTR-3B.

If you've opted out of the composition scheme and missed the deadline to file ITC-01, you can still file it belatedly with some conditions: 1. _File ITC-01_: Submit Form ITC-01 manually or online within 30 days from the date of opting out of the composition scheme. 2. _Interest and Penalty_: Pay interest and penalty as applicable for the delayed filing. 3. _Explain the reason_: Provide a valid reason for the delay in filing ITC-01. 4. _Departmental discretion_: The department may accept or reject your belated filing based on their discretion. 5. _Consult a professional_: Reach out to a tax consultant or chartered accountant for guidance on the process and any additional requirements. Additionally, you may need to: - File GSTR-3B for the relevant tax period - Pay tax and interest due - File  compliance with GST regulations.

Good morning Sir,  Last July 31 I converted my GST into regular from composite. I could complete the available stock details by 1st of Aug. While submitting ITC 01 in my GST account it is does not allow. I could not find any scope to enter into ITC submission portal in GST site. Please guide me for any alternative to get credit of GST through ITC.

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