Registered person who is entitled to claim credit of input tax under section 18 (1) of CGST Act 2017, can claim such credit by filing 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 as mentioned below:
One day immediately preceding the date on which his registration is granted for claim under clause (a) or clause (b) of sub-section (1) of section 18; (Once in life time of taxpayer)
One day immediately preceding the date(during a financial year) from which he becomes liable to pay tax under section 9 for claim under clause (c) of sub-section (1) of section 18; and
One day immediately preceding the date from which the supplies made by registered taxpayer becomes taxable for claim under clause (d) of sub-section (1) of section 18.
Registered person can claim credit of eligible inputs tax in respect of goods within 30 days from the date of becoming eligible to avail ITC under sub-section (1) of section 18 or within such further period as may be extended by the commissioner.
Claim under clause (a) or clause (b) of sub-section (1) of section 18 can be made only once.
Claim under clause (c) of sub-section (1) of section 18 can be made once in a financial year.
Claim under clause (d) of sub-section (1) of section 18 can be made once in a month.
In case of new registration -
Applicant has filed application for registration within <30 days> of becoming liable to pay GST and has been granted registration (other than voluntary registration).
Registered person has the details of ITC for purchases on or after appointed day but prior to registration and stock as on the day immediately preceding the day with effect from which he becomes liable to pay GST (other than voluntary registration and opting to pay tax under composition scheme ).
In case of opting out from composition scheme and where exempt supply of goods or services or both becomes taxable:
Registered person has the details of ITC on inputs/capital goods as on the day immediately preceding the day in which he opts out from composition scheme.
In case of voluntary registration:
Registered person has the details of ITC on inputs/capital goods as on the day immediately preceding the date of grant of registration.
The Key Features of FORM GST ITC- 01 Offline Tool are:
The ITC-01 details can be prepared offline with no connection to Internet.
Most of the data entry and business validations are in-built in the offline tool reducing errors upon upload to GST Portal.
Login to the GST Portal www.gst.gov.in .
Go to Downloads > Offline tools > FORM GST ITC- 01 Offline Tool button and click on it.
Unzip the downloaded Zip file which contain ITC_01_Offline_v1.0.xls excel sheet
Open the ITC_01_Offline_v1.0.xls excel sheet by double clicking on it.
Read the Read me text file and help instructions on excel sheet.
The offline functions work best on Windows 7 and above and MSEXCEL 2007 and above.
One can launch the FORM GST ITC-01 Offline Tool by double clicking the downloaded ITC_01_Offline_v1.0 sheet.
The detailed user manual gets downloaded along with the FORM GST ITC-01 Offline Tool as a Read me text document and Help instructions on excel sheet.
As of now ITC-01 Offline tool cannot be used on mobile. Currently, ITC 01 Offline tool can only be used on desktops.
‘Generate JSON File to Upload’ button is used to create the data file (in .JSON format) of details and modifications in offline tool. The data file will be uploaded by taxpayer in the online GST portal for further processing of Form GST ITC-01.
‘Open Downloaded ITC-01 JSON/Error File’ button is used to import the data file or the error file, downloaded from the online portal (in. json format) and open it in offline tool for modification or correction. This will auto populate the details in the offline tool basis the data entry sections in this file.