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

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.