06 July 2024
If you have registered on the GST portal in July, you are required to file Form GST ITC-01 under certain conditions. Here’s a detailed explanation:
### Form GST ITC-01 Overview:
**Form GST ITC-01** is used for claiming Input Tax Credit (ITC) by taxpayers who become eligible for ITC on inputs held in stock and inputs contained in semi-finished or finished goods held in stock when they become liable to register under GST.
### Conditions for Filing Form GST ITC-01:
1. **Eligibility Criteria:** - You need to file Form GST ITC-01 if you were not registered under GST previously, and after registering, you become eligible to claim credit for taxes paid on your existing stock of goods.
2. **Time Limit:** - This form must be filed within 30 days from the date you become liable to register under GST. In your case, since you registered in July, you should file it within 30 days from your registration date.
3. **Details Required:** - You need to provide details of inputs, semi-finished goods, and finished goods held in stock as on the date immediately preceding the date from which you became liable to register.
### Conclusion:
Since you registered on the GST portal in July, if you meet the criteria mentioned above (such as becoming eligible to claim ITC on existing stock), then filing Form GST ITC-01 is mandatory within 30 days of your registration date. It ensures that you can claim credit for GST paid on goods held in stock prior to your GST registration.
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