Use Code: ITR40
File ITR Today
When a taxpayer obtains GST registration (or switches from composition to regular scheme), they may hold inputs, input-contained goods, finished goods, and capital goods on hand. Form ITC-01 is the declaration used to claim Input Tax Credit (ITC) on such stock as of the cut-off date. Filing ITC-01 correctly preserves a valid ITC that would otherwise be lost.
ITC-01 in GST is the online form through which taxpayers newly registered under GST (or making certain status changes) declare the value and tax paid on inputs, inputs contained in semi-finished/finished goods, and capital goods held on the cut-off date. Once accepted, the ITC claimed in ITC-01 flows into the taxpayer’s electronic credit ledger. This form ensures you can lawfully claim GST paid on stock that predates your registration.
File ITC-01 within 30 days from the date you become eligible to claim ITC — for example:
Under ITC-01 you can claim ITC on:
Note: ITC-01 covers goods-based credits only — ITC on services cannot be claimed in ITC-01. Also, capital goods claims are governed by age limits and conditions.
| Case | Cut-off date | No of times ITC can be claimed by filing ITC 01 |
|---|---|---|
| When the application for GST registration is made within 30 days of becoming liable to pay tax [Section 18(1)(a)] | Date immediately preceding the date when he becomes liable to pay tax. | Once |
| When any person who opts for voluntary registration [Section 18(1)(b)] | Date immediately preceding grant of registration | Once |
| When any person opts out of composition scheme but continues to be registered and pay tax as a regular taxpayer [Section 18(1)(c)] | Date immediately preceding day when he opts to pay tax under regular mode. | Once in a year |
| When an exempt supply of goods/services becomes taxable supply [Section 18(1)(d)] | Date immediately preceding the date when the supply becomes a taxable supply | Once in month |
Ensure you know which input tax credits can be claimed. For instance, ITC on services cannot be claimed in Form ITC-01. ITC on capital goods can only be claimed when a composition dealer switches to the regular scheme or when an exempt supply becomes taxable.
Keep invoice-wise details of eligible ITC on purchases available as of the cut-off date.
Form ITC-01 must be filed within 30 days from the date of registration or migration to the regular scheme.
You can claim invoices up to one year old for inputs and up to five years old for capital goods.
If your total ITC claim exceeds ₹2 lakh, you must upload a certificate from a Chartered Accountant or Cost Accountant to validate the claim.
ITC-01 is the GST form to claim input tax credit on goods held on the cut-off date when getting registered or changing tax status.
You must file ITC-01 within 30 days from the date you become eligible to claim.
No — ITC-01 covers ITC on goods (inputs, inputs in semi-finished/finished goods, and capital goods), not services.
Invoices up to 1 year old for inputs and 5 years for capital goods (from the cut-off date) can be claimed.
Yes — if your total ITC claim in ITC-01 exceeds ₹2 lakh, you must upload a Chartered Accountant or Cost Accountant certificate.
No. Once you submit and file ITC-01, you cannot modify it. Verify all entries before filing.
File via the GST portal (Services → Returns → ITC forms → ITC-01) — prepare online or use the offline JSON utility, then submit and file using DSC or EVC.
If you miss the ITC-01 deadline, you generally lose the right to claim that ITC for the cut-off date. Consult a tax advisor promptly for options.
