Composition scheme

[CA Adarsh]

Whether Can ITC-01 filed in current year for opt out of composition schemes on 31-03-2024? Whether it will 2 different financial year fy 23-24 and fy 24-25? Because due date 30-04-2024above query due following provisions ITC-01 can be filed only once in financial year

[KASTURI SETHI]

Dear Querist,

Two financial years are not involved. The query is not properly drafted. It is vague.

Pl. redraft.

[CA Adarsh]

Query is tax payer opt out of composition scheme on 30-03-2024 and became regular tax payer.As per 18(1)(c) say tax payer can claim ITC 1 year from date of opt out and can filed once in financial year within 30  days from date of opt out

In current case 30 days falls due on 29-04-2024 which is FY 24-25 and date of opt out is 30-03-2024 in FY 23-24. 
So query if I file itc-01in FY 24-25 pertaining to FY 23-24 but within due date of 29-04-2024.

I am opinion that to filed once in a financial year can be different from FY of opt out and date of filing ITC-01 falling in different FY

[Shilpi Jain]

I am not able to locate the provision which states that ITC-01 can be filed only once in the FY.

Also, the provision is clear, file within 30 days of being eligible for credit and that credit not older than 1 year can be claimed.

[Ganeshan Kalyani]

I agree with the views of the expert.

AI Summary

ITC-01 Filing Clarified: Allowed Within 30 Days of GST Opt-Out, Even Across Financial Years A query was raised regarding the filing of ITC-01 when opting out of the GST composition scheme on 31-03-2024, questioning if it involves two financial years: FY 23-24 and FY 24-25. One respondent noted the query's vagueness and requested clarification. Another explained that the taxpayer can file ITC-01 within 30 days of opting out, which in this case falls on 29-04-2024, within FY 24-25. They opined that filing in a different financial year from the opt-out year is permissible. Another respondent couldn't find a provision limiting ITC-01 filings to once per financial year.