When is Form ITC 01 required ?

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    Pratibha Goyal
    Participant
    Appointment of Auditors under Companies Act 2013

    As per Section 18(1)(c) of CGST Act 2017, where any registered person ceases to pay tax under Composition Scheme and becomes/opt to become regular taxpayer, he shall be entitled to take credit of input tax in respect of:
    o inputs held in stock,
    o inputs contained in semi-finished or
    o inputs contained finished goods held in stock and
    o inputs contained on capital goods

    ITC-1 is filed for Claiming ITC in terms of Rule 40 of CGST Rules 2017 with 30 days from immediately the previous day when he became liable to pay tax as a regular taxpayer.

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