TaxTMI 
TaxTMI 
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
Composition scheme
28 Apr 2024 
4 Replies 
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Input tax credit timing: file ITC 01 within the statutory window to claim credits despite fiscal year crossover.
The issue is whether ITC 01 filed after opting out of the composition scheme on 30 March may be filed in the next fiscal year when the statutory filing window from the opt out date falls in that year. The discussion emphasises that entitlement to transitional input tax credit is subject to a one year lookback and must be claimed within the prescribed filing period from the date of becoming eligible, and that contributors did not locate a provision restricting ITC 01 to once per financial year. (AI Summary)
The issue is whether ITC 01 filed after opting out of the composition scheme on 30 March may be filed in the next fiscal year when the statutory filing window from the opt out date falls in that year. The discussion emphasises that entitlement to transitional input tax credit is subject to a one year lookback and must be claimed within the prescribed filing period from the date of becoming eligible, and that contributors did not locate a provision restricting ITC 01 to once per financial year. (AI Summary)