ITC
ELIGIBLE TO TAX PAYERS FROM JULY TO SEPTEMBER 2017 WHO OPTED COMPOUNDING SCHEME
HAS TO AVAIL ITC BEFORE 31.10.2017
The Goods and Tax
Act, 2017 came into force with effect from 1.7.2017 in India.
The last date to
opt-in for Composition Levy for migrated taxpayers from the previous regime is
16th August 2017 and the taxpayers who have filed their options are
eligible to pay tax at compounded rates from 1.7.2017.
The Opt-in for
composition Levy for 2017-18 again opened in the GST portal and taxpayers opted
for composition scheme upto 30th September, 2017 midnight with condition
that the composition scheme will be
applicable from 1st October, 2017.
The taxpayers who
opted to pay tax under composition scheme upto 30th September 2017
will have to file monthly returns for the months of July, August and September
2017 and they are eligible for input tax credit.
The Government
has now issued notification regarding the input tax credit eligibility by the
taxpayers and as per the notification, extended
the time limit for making a declaration, in FORM GST
ITC-01, by the registered
persons, who have become eligible during
the months of July, 2017, August, 2017 and
September, 2017, to the effect that they are eligible to avail the input tax credit under sub-section
(1) of section 18 of the said Act,
till the 31st day
of October, 2017.
The relevant
notification is given below for ready reference:
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
Government
of India
Ministry of Finance
Department
of Revenue
Central Board of Excise and Customs
Notification No. 44/2017 – Central Tax
New Delhi, the 13th October, 2017
G.S.R. ….. (E).—In pursuance
of section 168 of the Central Goods and Services
Tax Act, 2017 (12 of 2017) (hereafter referred to as the said Act) and clause (b) of sub-rule (1) of rule
40 of the Central Goods and Services Tax Rules, 2017, the
Commissioner, hereby extends the time limit for making a declaration, in FORM GST
ITC-01, by the registered
persons, who have become eligible during
the months of July, 2017, August, 2017 and
September, 2017, to the effect that they are eligible to avail the input tax credit under sub-section
(1) of section 18 of the said Act,
till the 31ST day
of October, 2017.
[F. No.349/74/2017-GST(Pt.)]
(Dr. Sreeparvathy S.L.) Under Secretary to the Government
of India
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