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GST ITC​ Forms

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GST ITC
  • FORM GST ITC- 01
  • FORM GST ITC- 02
  • FORM GST ITC- 03
  • FORM GST ITC- 04

What Are The GST ITC Forms?

WHAT IS FORM GST ITC- 01

ITC-01 FORM is used by the registered person to avail special INPUT TAX CREDITS in four circum stances

  1. A person who has applied for registration under this act. Within 30 days from the date on which he becomes liable to registration & has been granted such registration.
  2. A person who takes voluntary registration under section 25 (3)
  3. When any registered person exits from composition levy & ceases to pay tax under section 10
  4. Where any exempt supply of goods or services now becoming chargeable to gst.
  • ITC-01 is an e-declaration filed by registered person within 30 days from the date of specified events on common portal.
  • ITC -01 shall clearly specify the details relating to INPUTS held in stock, INPUT contained in semi finished goods or finished goods held in stock as the case may be, capital goods :-
  • On the day immediately preceding the date from which he becomes liable to pay taxunder provision of this act, in case of a claim under section 18 (1) (a)
  • On the day immediately preceding the date of grant of registration in case of claim under section 18 (1) (b)
  • On the day immediately preceding the date from which he becomes liable to pay tax under section 9, in case of a claim under section 18 (1)(c)
  • On the day immediately preceding the date from which supplies made by the registered person becomes taxable, in case of claim under section 18 (1)(d)

WHAT IS FORM GST ITC- 02

Where there is a change in the constitution of registered person on account of SALE, MERGER, DEMERGER, AMALGAMATION, LEASE OR TRANSFER OF BUSINESS WITH THE SPECIFIC PROVISIONS for transfer of liabilities, the said registered person shall be allowed to transfer the ITC which remains unutilized in his electronic credit ledger to such sold, merged demerged, amalgamated, leased or transferred business in such manner as may be prescribed.

  • ITC-01 is an e-declaration filed by registered person within 30 days from the date of specified events on common portal.
  • ITC -01 shall clearly specify the details relating to INPUTS held in stock, INPUT contained in semi finished goods or finished goods held in stock as the case may be, capital goods :-
  • On the day immediately preceding the date from which he becomes liable to pay taxunder provision of this act, in case of a claim under section 18 (1) (a)
  • On the day immediately preceding the date of grant of registration in case of claim under section 18 (1) (b)
  • On the day immediately preceding the date from which he becomes liable to pay tax under section 9, in case of a claim under section 18 (1)(c)
  • On the day immediately preceding the date from which supplies made by the registered person becomes taxable, in case of claim under section 18 (1)(d)

WHAT IS FORM GST ITC- 03

Form ITC-03 is required to file by tax payers in four cases:-

  • If taxable supply becomes an exempt supply
  • If Registered person opting composition scheme from Regular scheme
  • If there is closure of business of registered person

If there is a cancellation of Registration Certificate (cancellation of gstin)

  • In above Four cases registered person shall pay an amount by way of debit in electronic credit ledger or electronic cash ledger equivalent to the credit of input tax in respect of inputs held in stock & inputs contained in semi finished or Finished goods held in stock & on capital goods  reduced by such percentage points as may be prescribed in Form ITC-03

WHAT IS FORM GST ITC- 04

ITC -04 is used by registered person when goods are send to job worker for job work purposes.

ITC -04 is filed on quarterly basis.

  • ITC -04 contains the details of challans in respect of goods dispatched to a jobworker or goods received from jobworker during a quarter
  • Itc 04 shall be furnished within on or before 21st day of succeeding the said quarter
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