Form GST ITC-03 is to be submitted within 60 days from the commencement of the relevant financial year when registered person opts to pay tax under section 10 . This 60 days provision I read in action points of form but no where found in rules . In which rule it is given that it has to be filed within 60 days ? And what will be late filing fees / penalty if could not file within 60 days ?

Reply—ITC-03 is applicable for declaration for intimation of ITC reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of section 18.

As per rule 3(3) of CGST Rules any registered person who opts to pay tax under section 10 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, prior to the commencement of the financial year for which the option to pay tax under the aforesaid section is exercised and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of rule 44 within a period of sixty days from the commencement of the relevant financial year.

Provided that any registered person who opts to pay tax under section 10 for the financial year 2020-21 shall electronically file an intimation in FORM GST CMP-02, duly signed or verified through electronic verification code, on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, on or before 30th day of June, 2020 and shall furnish the statement in FORM GST ITC-03 in accordance with the provisions of sub-rule (4) of rule 44 up to the 31st day of July, 2020. (Refer notification No.30/2020–Central Tax Dated 3rd April, 2020.