Who should fill GST ITC-01 form?
You (the taxpayer) need to fill ITC-01 to declare details for following Tables/Sections:
•Table 7- Claim under section 18(1) (a) or section 18(1) (b) : Applicable for claim of input tax credit in case of new registration and voluntary registration
•Table 8- Claim under section 18(1) (c) or section 18(1) (d) : Applicable for taxpayer opting out from Composition levy or goods or services becomes taxable.
In case of claim under section 18(1) (a) and (b) the registered person can claim credit of input tax on
•Inputs held in stock
•Inputs contained in semi-finished or finished goods held in stock
In case of claim under 18(1) (c) & (d) in addition to above types of inputs registered person can claim credit on Capital goods as well.
How do I prepare the form when offline
1.Download and prepare the ITC -01 form when offline.
◦Before you extract and run the downloaded file, ensure that the file is not corrupted. How do I know that my file is not corrupt? Click here to know more.
◦Go through the Readme document before you begin installation.
◦Double-click on ITC-01 Offline Tool to open the offline tool.
2.Edit the generated file using import option
3.Prepare ITC-01 using excel when offline (i.e. without Internet).
4.Generate the output file in .Json file format
5.Using the output file, you can upload it in GST portal (www.gst.gov.in) (when online, with internet)
Your downloaded (ITC-01 Offline Tool) zip file contains:
To use the tool efficiently, ensure that you have the following installed on your system:
1.Operating system Windows 7 or above. The tool does not work on Linux and Mac.
2.Browser: You need one of these browsers installed on your system. ◦Internet Explorer 10+
◦Google Chrome 49+
3.Microsoft Excel 2007 & above