When is Form ITC 03 required ?

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    Pratibha Goyal
    Participant
    Appointment of Auditors under Companies Act 2013

    As per Section 18(4) of CGST Act 2017, where any regular taxpayer opts to pay tax under the composition scheme, he shall pay an amount, by way of debit in the electronic credit ledger or electronic cash ledger equivalent 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 3 is filed for complying with the same.

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