Important Keyword: Notification 42/2018, ITC-01 due date extension, CMP-04 to regular scheme, GST input credit extension, Rule 40 CGST, ITC-01 filing rules, composition to regular GST India
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Table of Contents
[F. No. 349/58/2017-GST (Pt.)]
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
New Delhi, the 4th September 2018
Notification No. 42/2018 – Central Tax: Seeks to extend the time limit for making the declaration in FORM GST ITC-01 for specified classes of taxpayers
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
G.S.R (E).- In pursuance of section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017) 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 the declaration in FORM GST ITC-01 of the said rules, by registered persons who have filed the application in FORM GST-CMP-04 of the said rules between the 2nd day of March, 2018 and the 31st day of March, 2018, for a period of thirty days from the date of publication of this notification in the Official Gazette.
(Dr. Sree Parvathy S.L)
Under Secretary to the
Government of India
📚 Frequently Asked Questions (FAQs): Notification No. 42/2018 – Central Tax
Q1: What is Notification No. 42/2018 – Central Tax?
Answer:
It is a GST notification extending the time limit for filing FORM GST ITC-01 for specified taxpayers. 42
Q2: Which form’s due date was extended?
Answer:
The due date for FORM GST ITC-01 was extended. 42
Q3: Who were eligible for this extension?
Answer:
Registered persons who:
Filed FORM GST-CMP-04
Between 2 March 2018 and 31 March 2018. 42
Q4: What extension was provided?
Answer:
An additional 30 days from the date of publication of the notification. 42
Q5: What is the purpose of FORM ITC-01?
Answer:
It is used to:
Claim input tax credit on stock
When a taxpayer becomes eligible for ITC.
Q6: When is ITC-01 required?
Answer:
It is required when:
A taxpayer shifts from composition to regular scheme
Or becomes liable for GST registration.
Q7: What is FORM CMP-04?
Answer:
CMP-04 is filed to:
Withdraw from the composition scheme
Switch to the regular scheme.
Q8: Under which rule is ITC-01 governed?
Answer:
It is governed by:
Rule 40 of the CGST Rules. 42
Q9: Under which section was this notification issued?
Answer:
It was issued under:
Section 168 of the CGST Act. 42
Q10: What happens if ITC-01 is not filed on time?
Answer:
The taxpayer may:
Lose eligible input tax credit
Face compliance issues
Q11: Can ITC-01 be revised later?
Answer:
Generally, it must be:
Filed within the prescribed time
With accurate stock details
Q12: What documents are needed for ITC-01?
Answer:
Typically:
Stock details
Purchase invoices
Capital goods records
Q13: Does this notification apply to all taxpayers?
Answer:
No.
It applies only to those who filed CMP-04 between the specified dates.
Q14: Who should seek professional help?
Answer:
You should consult an expert if:
You switched from composition to regular scheme
You missed ITC-01 filing
You have ITC disputes
Get help with Finodha GST Compliance:
https://finodha.in/gst-compliance/
Q15: Can ITC errors affect income tax returns?
Answer:
Yes.
Incorrect ITC claims may:
Impact expense calculations
Affect profit reporting
File accurate returns here:
https://finodha.in/income-tax-return-filing-online/
Download PDF: Notification No. 42/2018 – Central Tax
More Information: https://taxinformation.cbic.gov.in/
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