What is ITC 01 file
when and who is required to file.?
what is the advantage of releasing thus form?
4 Replies
PEP CONSULTANCY
(118 Points)
Replied 05 December 2018
ITC 01 is to be filed by an unregistered person getting himself registered, or registered person under composition scheme getting registered under regular scheme, having stock in hand on the date of registration on which he has paid tax . Filing of IT 01 enables him to claim credit on tax paid on the closing stock
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 06 December 2018
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
pritesh
(CA Final student)
(7101 Points)
Replied 06 December 2018
capital goods input goods can be taken only by person opted out from composition scheme.
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