GST Compliance Alert: File ITC-03 Before 30th May 2025 to Avoid Penalties! 📢

Attention GST-registered taxpayers!

If you're required to reverse or pay Input Tax Credit (ITC) under specific circumstances, it's time to take action. Form ITC-03 must be filed by 30th May 2025 to remain compliant under the GST law.

🧾 What is Form ITC-03?

Form ITC-03 is used to reverse ITC already claimed on:

  • ✅ Inputs held in stock

  • ✅ Inputs contained in semi-finished or finished goods

  • ✅ Capital goods or machinery

This applies in scenarios where Input Tax Credit needs to be reversed, particularly when:

  • A taxpayer opts for the Composition Scheme under Section 10.

  • A taxpayer’s supply of goods/services becomes exempt.

The reversal ensures that taxpayers do not continue to benefit from ITC once their eligibility for it has changed.

📆 Due Date:

  • Form Name: GST ITC-03

  • For taxpayers opting into Composition Scheme or becoming exempt

  • Deadline to File: 30th May 2025

🔍 Why Is Filing ITC-03 Important?

Failure to file ITC-03 on time can lead to:

  • Loss of GST compliance rating

  • Late fees and interest

  • Notices or audit queries from GST department

Filing this form ensures smooth transition and accurate tax records for businesses undergoing changes in tax scheme or product classification.

✅ Let Taxla Services Handle Your ITC-03 Filing

At Taxla Services, we help you:

  • Identify items on which ITC reversal is applicable

  • Accurately calculate payable amount on inputs and capital goods

  • Prepare and file Form ITC-03 with zero errors

  • Ensure you're fully GST compliant without stress or delays

📞 Reach Out Before the Deadline:

We’re here to ensure you don’t miss a single compliance requirement.

📞 Call: +91 9600076134 / 6374812546
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com
📍 Visit: 19, SBI Colony 3rd Street, Saligramam, Chennai – 600093

🔖 Stay Informed. Stay Compliant.

#ITC03 #GSTFiling #TaxCompliance #InputTaxCredit #GSTIndia #TaxlaServices #BestAuditorInTamilnadu #AvoidPenalties #ChennaiTaxExperts #GSTReturn #FormITC03



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