Important Keyword: Notification No. 67/2017 Central Tax, GST ITC-01 deadline extension, ITC-01 filing GST India, GST notification 67/2017, input tax credit stock GST, CGST notification 2017, GST ITC rules India, GST compliance ITC-01,
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[F. No.349/58/2017-GST(Pt.)]
Government of India
Ministry of Finance
Department of Revenue
Central Board of Excise and Customs
New Delhi, the 21st December, 2017
Notification No. 67/2017 – Central Tax: Seeks to extend the time limit for filing FORM GST ITC-01
GST: [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) (hereinafter 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 and in supersession of notification No. 44/2017- Central Tax, dated the 13th October, 2017, published in the Gazette of India,
Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1258 (E), dated the 13th October, 2017, except as respects things done or omitted to be done before such supersession, 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, September, 2017, October, 2017 and November, 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 January, 2018.
(Gunjan Kumar Verma)
Under Secretary to the
Government of India
📚 Frequently Asked Questions (FAQs): Notification No. 67/2017 – Central Tax
Q1: What is Notification No. 67/2017 – Central Tax?
Answer:
Notification No. 67/2017 – Central Tax is a GST notification issued on 21 December 2017 extending the deadline for filing FORM GST ITC-01 for eligible taxpayers until 31 January 2018.
Q2: What is FORM GST ITC-01?
Answer:
ITC-01 is a declaration form used by taxpayers to claim Input Tax Credit on stock and capital goods when they become eligible under Section 18(1) of the CGST Act.
Q3: Who needs to file ITC-01?
Answer:
ITC-01 must be filed by taxpayers who:
Become liable for GST registration
Take voluntary GST registration
Shift from composition scheme to regular scheme
Supply becomes taxable instead of exempt
Q4: What deadline was extended under Notification No. 67/2017 – Central Tax?
Answer:
The notification extended the deadline for filing FORM GST ITC-01 until 31 January 2018 for taxpayers eligible during July–November 2017.
Q5: Which notification was replaced by this notification?
Answer:
Notification No. 67/2017 – Central Tax superseded Notification No. 44/2017 – Central Tax, except for actions already taken under the earlier notification.
Q6: What happens if ITC-01 is not filed on time?
Answer:
If the form is not filed within the prescribed deadline, the taxpayer may lose the opportunity to claim eligible Input Tax Credit on stock.
Q7: Can ITC be claimed without filing ITC-01?
Answer:
No. When claiming credit under Section 18, filing FORM GST ITC-01 is mandatory.
Q8: What details must be included in ITC-01?
Answer:
The form requires:
Details of stock held
Invoice details
Tax paid on stock
Input tax credit amount
Q9: Is certification required for ITC-01?
Answer:
Yes. If the claim exceeds ₹2 lakh, the details must be certified by a Chartered Accountant or Cost Accountant.
Q10: Can new businesses claim ITC on opening stock?
Answer:
Yes. Businesses registering under GST can claim Input Tax Credit on stock purchased before registration, provided invoices are available.
To obtain GST registration smoothly, you can apply through:
https://finodha.in/online-gst-registration/
Q11: Is ITC-01 required for voluntary GST registration?
Answer:
Yes. A person who takes voluntary GST registration can claim credit on stock through ITC-01.
Q12: How can businesses ensure proper GST compliance?
Answer:
Businesses should:
Maintain purchase records
Track GST deadlines
File returns regularly
Seek professional support
You can ensure smooth compliance through Finodha GST Return Filing services:
https://finodha.in/gst-return-filing/
Q13: Does ITC-01 apply to composition taxpayers?
Answer:
Yes, when a composition taxpayer switches to the regular GST scheme, they can claim ITC on stock through ITC-01.
Q14: How does ITC improve business cash flow?
Answer:
Input Tax Credit allows businesses to reduce tax liability, preventing double taxation and improving cash flow management.
Q15: Can professional help simplify ITC claims?
Answer:
Absolutely. GST experts can help verify invoices, calculate eligible credit, and ensure proper filing of ITC-01.
Businesses can consult Finodha GST professionals for assistance:
https://finodha.in/gst-compliance/
Conclusion
Notification No. 67/2017 – Central Tax played a crucial role during the early stages of GST implementation by extending the deadline for filing FORM GST ITC-01.
This extension helped businesses claim legitimate Input Tax Credit on stock and ensured smoother GST compliance across India.
Download PDF: Notification No. 67/2017 – Central Tax
More Information: https://taxinformation.cbic.gov.in/
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