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FORM GST ITC-03: Declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of section 18

by | Jul 11, 2024 | GST, Forms | 0 comments

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Important Keyword: FORM GST ITC-03, section 18(4).

FORM GST ITC-03

[See rule44 (4)]

Declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of section 18
1. GSTIN 
2. Legal name 
3. Trade name, if any 
4(a). Details of application filed to opt for composition scheme [ applicable only for section 18 (4)](i) Application reference number (ARN) 
(ii) Date of filing 
4(b). Date from which exemption is effective [ applicable only for section 18 (4)] 
  • Details of stock of inputs held in stock, inputs contained in semi-finished or finished goods held in stock, and capital goods on which input tax credit is required to be paid under section 18(4).
Sr. No.GSTIN/ Registration under CX/ VAT of supplier*Invoice /Bill of entryDescription of inputs held in stock, inputs contained in semi finished or finished goods held in stock and capital goodsUnit Quantity Code (UQC)QtyValue** (As adjusted by debit note/credit note)Amount of ITC claimed (Rs.)
No.DateCentral TaxState TaxUT TaxIntegrated TaxCess
12345678910111213
5 (a) Inputs held in stock (where invoice is available)
             
             
5 (b) Inputs contained in semi-finished and finished goods held in stock (where invoice available)
             
             
5 (c) Capital goods held in stock (where invoice available)
             
             
5 (d) Inputs held in stock and as contained in semi-finished /finished goods held in stock ( where invoice not available)
             
             
5 (e) Capital goods held in stock (where invoice not available)
             
             

* (1) In case, it is not feasible to identify invoice, the principle of first in first out may be followed.

(2) If Invoice is not available for certain inputs or capital goods, the value shall be estimated based on prevailing market price

** 1[The value of capital goods shall be the invoice value reduced by 1/60th per month or part thereof from the date of invoice]

  • Amount of ITC payable and paid (based on table 5)
Sr. No.DescriptionTax payablePaid through Cash/ Credit LedgerDebit entry no.Amount of ITC paid Standard
Central TaxState TaxUT TaxIntegrated TaxCess
12345678910
1.Central Tax Cash Ledger      
Credit Ledger      
2.State Tax Cash Ledger      
Credit Ledger      
3.UT Tax Cash Ledger      
   Credit Ledger      
4.Integrated Tax Cash Ledger      
Credit Ledger      
5.CESS Cash Ledger      
Credit Ledger      
Verification

I _______________________ hereby solemnly affirm and declare that the information given hereinabove is true and correct to the best of my knowledge and belief and nothing has been concealed there from.

Signature of authorised signatory  Name

Designation/Status                                        

Date -dd/mm/yyyy

  1. Substituted vide Notification No. 21/2018 dt 18.04.2018 for “The value of capital goods shall be the invoice value reduced by five percentage points per quarter of a year or part thereof from the date of invoice”.

Read More: NOTIFICATION No. 06/2024 – Central Tax: Seeks to notify “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the CGST Act, 2017.

Web Stories: NOTIFICATION No. 06/2024 – Central Tax: Seeks to notify “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the CGST Act, 2017.

Official Income Tax Return filing website: https://incometaxindia.gov.in/

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