00:00Today we are going to talk about GST of a very important form, form ITC-03.
00:07Let's start this in easy language.
00:09So today we are going to talk about ITC Reversal.
00:14First, we will talk about ITC Reversal, then we will talk about ITC-03.
00:19This form is going to be filed to file, so we will talk about it step-by-step guide.
00:23And then we will talk about filing after filing.
00:25And then we will talk about a quick summary.
00:27So, let's start with a common problem, which often comes to business in front of us.
00:34Look, when a business company changes, then the tax is a very important problem.
00:41And this problem is, when a business company comes to business, when a business company comes to business,
00:48and when a business company comes to business, when a business company comes to business,
00:52it will be full-time tax-free.
00:54This is the case of the tax credit.
01:24This is an official form, which is the first claim of the input tax credit,
01:29or ITC, to return to the tax credit.
01:32This ITC stock and capital goods are both lagging.
01:36The fact is that the first claim of the tax credit to return to the tax credit is the same way to return to the tax credit.
01:43So, which is ITC?
01:45The first claim of the tax credit to the tax credit is the same way to return to the tax credit.
02:15The first claim of the tax credit to the tax credit is the same way to return to the tax credit.
02:46Now, let's see the second case.
02:48So, what happens if the tax credit is the same way to return to the tax credit?
02:53So, if a trader has a stock of 25,000 Rs. ITC, which is tax-free, then they will reverse it.
03:03So, what happens if the tax credit is the same way to return to the tax credit?
03:08So, what happens if the tax credit is the same way to return to the tax credit?
03:09So, what happens if the tax credit is the same way to return to the tax credit?
03:10So, what happens if the tax credit is the same way to return to the tax credit?
03:12So, what happens if the tax credit is the same way to return to the tax credit?
03:14only one time. But if the supply tax is free, then you have to do it many times.
03:21Meaning, when someone has a new choice, now we know how to fill the form.
03:26Let's see what the whole process of GST portal is in the process. Step by step.
03:32The process is very straight. First, you have to log in on GST portal.
03:37Then, you have to click on the Returns.
03:40There will be the option of ITC Forms, and you have the form GST-ITC-03.
03:47Portal will calculate your liability.
03:52But think, if the payment for the electronic cash ledger is not enough money, then what will happen?
03:59Well, this will be the case.
04:01If the cash ledger is less money, then the portal will show itself.
04:05Then, you have to click on the create button.
04:08Then, you have to add funds to the payment.
04:12And finally, how do you authorize the filing?
04:16There are two ways.
04:17One is the DSC, which is a physical token.
04:22The other way is the EVC.
04:25The other way is the E-VC.
04:27The other way is the E-VC.
04:29This is the other taxpayers.
04:31This is the other tax payers.
04:33Here, we have to talk about the actual form of the file.
04:36What will happen after the application?
04:39What will happen after the form?
04:40What is the return of the file file?
04:42In other words, the form file will be used.
04:43The Arn.
04:52Which people switch to composition scheme,
04:55in the ledger,
04:56some of the ITC
04:58always has to be lapsed.
05:01Now, one more question can you do?
05:04What will happen if someone has a stock,
05:07but there is no ITC claim.
05:09Will you do something?
05:11Yes, absolutely.
05:13In this case,
05:14we can file a nil-0 form GST-ITC-03.
05:19So, this is the whole process.
05:26Now, what we have understood,
05:28is the most important points.
05:31Let's see, form ITC-03
05:35is used for ITC Reversal.
05:37When the composition scheme is closed,
05:40or the supply is tax-free.
05:41The stock and capital goods are both.
05:45Filing mode is DSC or EVC.
05:48And if there is no ITC,
05:50then you can file a nil filing.
05:52And the most important thing,
05:54the composition scheme of the ITC
05:56will be lapsed.
05:58The whole process has shown us
06:00that the business changes
06:02with tax planning is so important.
06:05So, the question is,
06:06is your business
06:07that business,
06:08can you do something?
06:09The business of the company
06:10will be ready to do it?
06:11Do you wish to make it?
06:12Do you wish to make it?
06:13The business of the company
06:14can do the business
06:15as well as a company.
06:16You can do it.
06:17And then,
06:18make sure you
06:19have to make it.
06:20And then,
06:21do you believe
06:22that the business
06:23is your business
06:24and your business
06:25is your business.
06:26You can do it.
06:27Do it.
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