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1. What is GST ITC-01?
Registered person who is entitled to claim credit of input tax under section 18 (1) is required to file a declaration in Form ‘GST ITC-01’. The credit may be availed for inputs held in stock, inputs contained in semi-finished or finished goods held in stock or capital goods as mentioned below:
• Filing of Form GST ITC-01 will enable a newly registered taxpayer to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date from which he becomes liable to pay tax under GST provisions.
• Filing of Form GST ITC-01 will also benefits the taxpayers who have taken registration on Voluntarily Basis, to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day immediately preceding the date of grant of registration.
• Filing of Form GST ITC-01 will enable the taxpayer who opts out of composition scheme and opts to pay tax as a normal taxpayer, to take credit of input tax in respect of inputs held in stock, inputs contained in semi-finished or finished goods held in stock or on capital goods on the day immediately preceding the date on which he becomes liable to pay tax under Section 9.
• Filing of Form GST ITC-01 will entitle such registered persons whose supply of goods and/or services becomes taxable from exempt, to take credit of input tax in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock relatable to such exempt supply and on capital goods exclusively used for such exempted supply on the day immediately preceding the date from which such supply become taxable.
2. Input Tax Credit can be availed on which goods?
Input tax credit can be availed on following goods:
• Inputs held in stock
• Inputs contained in semi-finished or finished goods held in stock
• Capital goods (Only in case where composition taxpayer opting out of the composition scheme and opts to pay tax as normal taxpayer or where the supply of exempted goods and/or services become taxable supply). Such persons will ensure that the input tax credit on capital goods shall be claimed after reducing the tax paid on such capital goods by 5 percentage points per quarter of a year or part thereof from the date of the invoice or such other document in which capital goods were received by the taxable persons.
3. When can I claim Input Tax Credit?
Registered person can claim credit of the inputs tax in respect of eligible stock of goods within 30 days from the date of becoming eligible to avail ITC under sub-section (1) of section 18 or within such further period as may be extended by the Commissioner:
• Claim under clause (a) or clause (b) of sub-section (1) of section 18 can be made only once.
• Claim under clause (c) of sub-section (1) of section 18 can be made once in a financial year.
• Claim under clause (d) of sub-section (1) of section 18 can be made as and when the exempted supply become taxable.
4. By when do I need to claim Input Tax Credit?
The input tax credit can be claimed for invoices up to one year prior to the date of grant of approval /opting out of composition scheme or exempt supplies becoming taxable and will be counted on or after appointed day. For capital goods the invoices can be dated 5 years prior to the date of grant of approval /opting out of composition scheme or exempt supplies becoming taxable.
5. What are the pre-conditions to claim Input Tax Credit?
The claim in Form GST ITC-01 should be filed by the registered person within a period of thirty days from the date of becoming eligible to avail the input tax credit in terms of Section 18 of the Act. If the declared amount of ITC is more than Rs. 2 Lakh, then the details given in Form GST ITC-01 should be certified by practicing CA/Cost Accountant.
6. What will happen once the Form GST ITC-01 is filed?
Once the Form GST ITC-01 is successfully filed, the amount of ITC claimed would be posted to your credit ledger; ARN is generated and SMS and Email are sent to the taxpayer.
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1. What are the pre-conditions for filing of ITC declaration in FORM GST ITC-02?
The following conditions must be met for being eligible to file the FORM GST ITC-02:
1. In case any registered entity undergoes sale, merger, de-merger, amalgamation, lease or transfer, the acquired entity must file ITC declaration for transfer of ITC in the FORM GST ITC-02.
2. The acquired or transferor entity must have matched Input Tax Credit available in the Electronic Credit Ledger, as on effective date of merger/ acquisition/ amalgamation / lease/ transfer.
3. The acquiring entity (transferee) and the acquired entity (transferor), both should be registered under the GST regime.
4. The acquired entity (transferor) must have validly filed all the returns for the past periods.
5. All transactions categorized as “Pending for action” of the merging entity should be either accepted, rejected or modified and any liabilities arising out of the returns filed by the transferor must be paid.
6. The transfer of business should be with specific provision of transfer of liabilities. It should be accompanied by a certificate issued by Chartered Accountant or Cost Accountant to that effect. Liabilities here would include stayed demands – of tax or in respect of litigation or recovery cases.
2. Which ITC can be transferred by filing FORM GST ITC-02?
The following ITC can be transferred by filing the FORM GST ITC-02:
1. Matched ITC balance available in the transferor’s Electronic Credit Ledger;
2. Such ITC appearing under the major heads – Central tax, State / UT tax, Integrated tax, and CESS can be transferred by filing FORM GST ITC-02.
The amount of ITC that is provisional or un-matched, cannot be transferred by the Acquired Entity (transferor) using this process.
3. As an acquiring /transferee Entity, can I change my decision once the ACCEPT / REJECT button has been pressed?
Upon filing of the FORM GST ITC-02 by the acquired entity (transferor), such details are notified to the acquiring (transferee) entity through the GST portal. On acceptance, the un-utilized credit specified in FORM GST ITC-02 will be credited to his Electronic Credit Ledger. The Transferee (acquiring) Entity can change its decision to accept or reject an ITC transfer request any number of times until it is finally submitted by the transferor at the GST portal.
4. What happens to the Electronic Credit Ledgers of Acquired Entity (transferor) as well as the Acquiring Entity (transferee), if the ITC transfer request filed through FORM GST ITC-02 is accepted or rejected in the system?
If the ITC transfer request of an acquired Entity (transferor), filed through FORM GST ITC-02 is ACCEPTED by the acquiring Merged Entity (transferee), the ITC will be transferred to the transferee, and the Electronic Credit Ledger of the (transferee) Acquiring Entity will get updated.
However, if the ITC transfer request of an acquired entity (transferor), filed through the FORM GST ITC-02 is REJECTED by the acquiring entity (transferee), the ITC will not be transferred to the transferee, and the Electronic Credit Ledger of the acquired entity will receive back the ITC. The Electronic Credit Ledger of the acquiring entity (transferee) will not remain unchanged.
5. In case of demerger how much of the ITC would be transferred to the demerged entity or entities?
In the case of demerger, the ITC shall be apportioned in the ratio of the value of assets of the new units as specified in the demerger scheme.
6. Which certificate from a practicing Chartered Accountant / Cost Accountant is required for filing FORM GST ITC-02?
For filing the FORM GST ITC-02, the acquired (transferor) entity must submit and upload a copy of certificate issued by a practicing chartered account or cost accountant, certifying that sale / merger / amalgamation / lease or transfer of business has been done with specific provision for the transfer of liabilities. The FORM GST ITC-02 cannot be filed without such certificate.
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View e-filed Returns
1. Can I view or download my previously e-filed returns?
Yes, you can view and download your e-filed returns by using the Services > Returns> View e-Files Returns service from the GST Portal. However, for certain returns like GSTR1 and GSTR2, only summary report of the return will be viewable/downloadable.
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Track Return Status
1. Can I track the status of my Return Application?
Yes, you can track the status by using the Services > Returns> Track Return Status service from the GST Portal.
2. What are different Return application status types?
1. TO BE FILED : Return due but not filed
2. SUBMITTED BUT NOT FILED: Return Validated but pending filing
3. FILED – VALID: Return Filed
4. FILED - INVALID: Return Filed but tax not paid or short paid
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