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of <h1>GST input tax credit for stock and capital goods: FORM GST ITC-01, 5% quarterly reduction, 30-day filing, Rs.2L certification</h1> Input tax credit on inputs, stock (including semi-/finished goods) and capital goods under special circumstances may be claimed subject to conditions: capital goods credit is reduced by 5 percentage points per quarter (or part) from invoice/receipt date; the registered person must electronically declare eligibility in FORM GST ITC-01 within 30 days (or extended period) specifying stock/capital-goods details as at prescribed preceding dates depending on the case; claims exceeding Rs.2 lakh require certification by a practising chartered or cost accountant; credit claimed under certain clauses must be verified against corresponding supplier returns (GSTR-1/GSTR-1A or GSTR-4); calculation for plant and machinery follows the same 5% quarterly reduction.
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