
GST ITC-03 Filing
ITC 03 is a GST form meant for the taxpayers who have opted for the GST composition scheme. GST ITC 03 must be filed by taxpayers who are obligated to pay an amount which is equivalent to the Input Tax Credit (ITC) by means of an electronic credit or cash ledger. The payments, on the accounts of ITC, could be on the basis of:- Input held in stock.
- Input contained in semi-finished goods or finished goods held in stock.
- Capital goods or Plant and Machinery held in stock.
Eligibility
Taxpayers may file form ITC 03 on the satisfaction of the following conditions:- The Input Tax Credit (ITC) is availed by the taxpayers before reversing it through this form.
- The taxpayer has notified the concerned department on his/her enrollment into the composition scheme in CMP-02 at the start of the year.
- The taxpayer is in possession of a Digital Signature Certificate (DSC) or an Electronic Verification Code (EVC).
- A certificate has been produced from the Chartered Accountant certifying the value of goods (if the details of the invoice are not available).
Procedure for Filing ITC-03
The procedure for filing form ITC-03 has been substantiated below: Step 1: The Portal The procedure can be initiated by logging into the official GST portal, wherein all the essential facilities are accorded to the taxpayer. Step 2: ITC Forms Click on the ‘Services’ drop-down menu, and choose ITC Forms from the ‘Returns’ option.




Goods Details with Invoices
Step 1: The First Option Click on the 'Goods Details With Invoices' tile, which is the first among the four options on display.
- GST
- CX
- VAT


Goods Details without Invoices
Step 1: the Second Option The option “Goods Details Without Invoices” must be opted for.
- GST
- CX
- VAT


Chartered Accountant/Cost Accountant Certification
The details of Chartered Accountant or Cost Accountant must be uploaded on the GST portal in the absence of invoices for certain particulars added by the taxpayer. The details to be included are:- The name of the form issuing the certificate.
- The name of the certifying Chartered Accountant or Cost Accountant.
- Membership number of the Chartered Accountant or Cost Accountant.
- The date of issuance of a certificate using the calendar.
Remittance of Payment
The next step in the line involves the remittance of payment, which involves the following procedures: Step 1: Amount of ITC Payable and Paid Opt for the ‘Amount of ITC payable and paid’ tag among the four options (two of which are for different purposes and have been covered above).

Verification
Once the payment is remitted, the same must be verified through a digital or electronic signature.Frequency of Filing
Form GST ITC-03 can be filed by qualified taxpayers on not more than one occasion during a financial year. On the other hand, if the need for filing arises due to the reversal or payment of tax in cases of exemption of supplies, it can be performed multiple times as and when the notifications pertaining to such exemptions are issued by the government.Consequences of Non-filing
If a composition dealer isn’t compliant with the provisions of this Act, the proper officer is entitled to issue a show cause notice which may end up in the denial of the composition scheme to the former.About the Author
SREERAM VISWANATH KPost By IndiaFilings.
Updated on: April 15th, 2019
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