Itc form non submission, Goods and Services Tax - GST

[A J]

One of my client switched from composition to regular in fy 18-19..but we forgot to file itc form..how can the same be filed now?

Posts / Replies

[KASTURI SETHI]

Such declaration is an absolutely must for a person who switches from composition scheme to regular. It is a ultra serious lapse.Under Rule 40(1) of CGST Rules, 2017, you can apply for extension of time for filing ITC-01 to the Commissioner through the jurisdictional Range Officer. On the basis of declaration, the jurisdictional GST Range Officer scrutinise the records. Also read Section 18 (1)(C) of CGST Act. If extension not granted, ITC held/contained in stock on the day immediately preceding the date from which he becomes liable to pay tax under Section 9 of CGST Act, (prior to the date of switching to regular registration/scheme), will be disallowed and action under Section 73 or 74 of CGST Act will be initiated against the assessee. To prove your bona fides, bring this lapse to the notice of the jurisdictional Range Officer and obtain acknowledment. Thus you will be able to avoid penalty.

[ASHISH SHAH]

Under Rule 40(1) commissioner may by notification extend the period, not on our submission.

[KASTURI SETHI]

I agree with Sh. ASHISH SHAH. However, the matter must be brought to the notice of the jurisdictional Commissioner. There may be so many such cases of lapse. However, notifications are issued on genuine demand of the public/assesses.If any issue is raised before the Govt., solution can be expected. It is proper time to raise the issue. I am sure you have understood. I am hopeful you will get relief from the department.