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of <h1>Rule 40: Claim Input Tax Credit on Stock and Capital Goods with Conditions; Declare via FORM GST ITC-01.</h1> Rule 40 of the Central Goods and Services Tax Rules, 2017, outlines the procedure for claiming input tax credit in special circumstances. Taxpayers can claim credit on inputs in stock or contained in goods, and on capital goods, subject to specific conditions. The credit on capital goods is reduced by five percentage points per quarter from the invoice date. Taxpayers must declare eligibility for credit within 30 days of eligibility, extendable by the Commissioner, via FORM GST ITC-01. Declarations must detail inputs and goods and be certified by a chartered or cost accountant if claims exceed two lakh rupees. Credit claims are verified against supplier details in FORM GSTR-1 and GSTR-4.
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