{"id":21126,"date":"2020-12-05T14:10:10","date_gmt":"2020-12-05T08:40:10","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=21126"},"modified":"2021-06-05T15:19:51","modified_gmt":"2021-06-05T09:49:51","slug":"know-in-detail-about-the-filing-of-form-gst-itc-03","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/","title":{"rendered":"Know in Detail About the Filing of Form GST ITC-03"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Form GST ITC-03 is the form which is submitted by registered taxpayers in exceptional circumstances where an input tax credit availed has to be reversed. Where the taxpayer opts for composition scheme or where his supplies become exempt, he must file a declaration to intimate ITC reversal and payment of tax on inputs held in the stock. Here, we will discuss the provisions concerning Form <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>GST<\/strong><\/a> ITC-03 and the collateral information which is required to be furnished therein.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#What_is_the_Form_GST_ITC-03\" >What is the Form GST ITC-03?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#Who_is_required_to_file_the_Form_GST_ITC-03\" >Who is required to file the Form\nGST ITC-03?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#What_are_Things_Declared_in_Form_GST_ITC-03\" >What are Things Declared in Form\nGST ITC-03?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#Are_there_any_Pre-Conditions_for_Filing_of_Form_GST_ITC-03\" >Are there any Pre-Conditions for Filing\nof Form GST ITC-03?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#When_does_Filing_of_GST_ITC-03_is_opted_to_Pay_Tax_under_Composition\" >When does Filing of GST ITC-03 is opted\nto Pay Tax under Composition?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#How_to_File_Form_GST_ITC-03\" >How to File Form GST ITC-03?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#What_Details_are_given_in_Form_GST_ITC-03\" >What Details are given in Form GST\nITC-03?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#What_Value_is_adopted_for_Filling_Input_details_where_invoices_are_not_available\" >What Value is adopted for Filling\nInput details where invoices are not available?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/corpbiz.io\/learning\/know-in-detail-about-the-filing-of-form-gst-itc-03\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Form_GST_ITC-03\"><\/span>What is the Form GST ITC-03?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Form GST ITC-03 is\nthe form which is to be furnished to pay an amount by the common portal, either\nby debiting in electronic credit ledger or by electronic cash ledger. The amount\nis equivalent to the credit availed by a taxpayer in respect of:<\/p>\n\n\n\n<ul><li>Inputs\nheld in stock<\/li><li>Inputs\ncontained in the semi-finished goods or finished goods held in stock<\/li><li>Capital\ngoods held in stock<\/li><\/ul>\n\n\n\n<p>Here, taxpayer\nrefers to one who opts for composition scheme requires to shift from normal tax\nregime to composition scheme or where goods and services has become wholly\nexempted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_required_to_file_the_Form_GST_ITC-03\"><\/span>Who is required to file the Form\nGST ITC-03?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Form GST ITC-03 has to be\nfurnished by a Registered Taxpayer<\/em><\/strong><\/p>\n\n\n\n<ul><li>Who has availed input tax credit (ITC)<\/li><li>Who opts for a composition scheme<\/li><li>Where goods or services supplied and rendered by him become wholly exempted from the tax.<\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/how-to-use-sms-facility-for-the-gstr-3b-filing\/\">How to Use SMS Facility for the GSTR-3B Filing?<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_Things_Declared_in_Form_GST_ITC-03\"><\/span>What are Things Declared in Form\nGST ITC-03?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Form GST ITC-03\nentails details of stock, as on the date immediately preceding date on which\nthe composition right is exercised or on the date of exemption, in respect of\nthe inputs kept in stock, the inputs found in finished or semi-finished goods\nheld in stock and capital goods, on which an input tax credit has been availed.\nThe same will be reversed or paid if used complying with the section 18(4) of CGST\nAct, 2017.<\/p>\n\n\n\n<p>Since the taxpayer\nshifting from normal tax regime to composition tax scheme would breach &#8216;GST and\ninput tax&#8217; chain, he will not avail any ITC. However, suppose he has already\nclaimed the ITC on goods lying in his stock as on a date immediately preceding\nthe Financial Year from which composition scheme is applicable. In that case,\nhe needs to reverse the ITC and intimate via Form ITC-03. Similarly where goods\nor services supplied by a taxpayer become wholly exempt, then in that case\nalso, an input credit claimed earlier also needs to be reversed. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Are_there_any_Pre-Conditions_for_Filing_of_Form_GST_ITC-03\"><\/span>Are there any Pre-Conditions for Filing\nof Form GST ITC-03?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The following prerequisites\nhave been checked before a filing of Form GST ITC-03:<\/em><\/strong><\/p>\n\n\n\n<ul><li>In form GST CMP-02, the taxpayer has filed an intimation to opt for a composition scheme.<\/li><li>The <em><strong>Government<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Government\"><em><strong>[1]<\/strong><\/em><\/a><\/sup> has issued notifications relating to an exemption of goods and services supplied by the taxpayers which become completely exempt.<\/li><li>ITC has been used and availed by the taxpayers for inputs held in stock &amp; inputs contained in finished goods or semi-finished goods in stock and on capital goods in stock.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_does_Filing_of_GST_ITC-03_is_opted_to_Pay_Tax_under_Composition\"><\/span>When does Filing of GST ITC-03 is opted\nto Pay Tax under Composition?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>According to GST law, in the event that intimation has been filed in the Form GST CMP-02 before 31st March a taxpayer has to furnish GST ITC-03 within 180 days from the day when the tax under composition begins to be paid. However, in event that intimation in Form GST CMP-02 is filed after 31st March the taxpayer has to furnish GST ITC-03 within 60 days of the beginning of the financial year for which the option of paying of compositional tax has been exercised.<\/p>\n\n\n\n<p>In the time of the Covid-19 relaxation in due dates notified by CBIC, it has been provided that if the taxpayer can opts for composition scheme for the 2020-21 financial year, he must file for a reversal of input tax credit, by filing of Form GST ITC-03 was till 31st July 2020. In case if a taxpayer submits the form GST ITC-03, the exemption of products or services can be provided. The date has been extended also for <a href=\"https:\/\/corpbiz.io\/gst-return-filing\"><strong>GST return filing<\/strong><\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_File_Form_GST_ITC-03\"><\/span>How to File Form GST ITC-03?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/How-to-File-Form-GST-ITC-03.png\" alt=\"How to File Form GST ITC-03\" class=\"wp-image-21127\" width=\"555\" height=\"278\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/How-to-File-Form-GST-ITC-03.png 1000w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/How-to-File-Form-GST-ITC-03-300x150.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/How-to-File-Form-GST-ITC-03-768x384.png 768w\" sizes=\"(max-width: 555px) 100vw, 555px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Details_are_given_in_Form_GST_ITC-03\"><\/span>What Details are given in Form GST\nITC-03?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The information\nconcerning quantity and value of inputs held in stock, inputs contained in finished\nor semi-finished goods held in stock, &amp; capital goods must be provided\nseparately where invoices are available and where invoices are not available\nwith the taxpayers.<\/p>\n\n\n\n<p><strong><em>In addition, the details are\nrequired to be given as follows:<\/em><\/strong><\/p>\n\n\n\n<ul><li>GSTIN,\nLegal name and Trade name<\/li><li>Details\nof the application filed to opt for composition scheme.<\/li><li>Date\nfrom which an exemption is effective<\/li><li>Details\nof the ITC claimed on inputs held in stock (where an invoice is available)<\/li><li>Details\nof the ITC claimed on inputs contained in semi-finished and finished goods held\nin stock (where an invoice is available)<\/li><li>Details\nof the ITC claimed on capital goods held in stock (where the invoice is\navailable)<\/li><li>Details\nof the ITC claimed on inputs held in stock as contained in finished and semi- finished\ngoods held in stock (where an invoice is unavailable)<\/li><li>Details\nof the ITC claimed on capital goods held in stock (where the invoice is not\navailable)<\/li><li>The\ntotal liability of the ITC payable and being paid off after setting off the balance\navailable in an Electronic Credit Ledger or Electronic Cash Ledger<\/li><li>The\nbalance of credit lying in Electronic Credit Ledger will lapse on filing of\nthis form, after the ITC reversal\/payment of tax, in case of the option being\nexercised for composition scheme.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Value_is_adopted_for_Filling_Input_details_where_invoices_are_not_available\"><\/span>What Value is adopted for Filling\nInput details where invoices are not available?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is provided under CGST Act that where there are no invoices available to calculate the value of ITC availed, a registered individual has to estimate the sum based on the prevailing market price of the products on an effective date of the occurrence of any of the events which required the filing of the Form GST ITC-03. Such details furnished must be duly certified by a practicing-chartered accountant or cost accountant. The certificate to this effect needs to be uploaded with Form GST ITC-03 before filing the form.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Form GST ITC-03 must be filled in by those taxpayers who will choose the composition scheme or where goods and services provided by a taxpayer have become completely exempt. The form is to be filed by taxpayers to pay an amount equivalent to credit availed in respect of inputs held in stock, by way of paying debit in an electronic cash ledger or electronic credit ledger.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/things-you-must-know-about-gstr-5-filing\/\">Things you must know about GSTR-5 Filing: How to go about it?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Form GST ITC-03 is the form which is submitted by registered taxpayers in exceptional circumstances where an input tax credit availed has to be reversed. Where the taxpayer opts for composition scheme or where his supplies become exempt, he must file a declaration to intimate ITC reversal and payment of tax on inputs held in [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":21128,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[1284],"acf":{"service_id":"104"},"authorName":"Soumya Bajpai","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/01\/0.jpg","authorDescription":"Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.","postViews":5164,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/21126"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=21126"}],"version-history":[{"count":10,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/21126\/revisions"}],"predecessor-version":[{"id":23298,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/21126\/revisions\/23298"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/21128"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=21126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=21126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=21126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}