GST adjustment entries quarterly

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This query is : Resolved

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This discussion addresses how to handle quarterly GST adjustment entries when some invoices are missing from your accounting records, despite ITC being reflected in GSTR 2B. The consensus is that claiming Input Tax Credit (ITC) requires a valid invoice copy as per GST regulations. Therefore, it's advised to book the ITC in your accounting software only after receiving the physical invoices, even if the credit appears in GSTR 2B.

CYNTHIA

CYNTHIA (Querist)
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03 April 2024 Hi everyone,
Good Morning!, I want to pass GST adjustment entries for every quarter of the fin year 2023-24. But the problem is I have few transaction in GSTR 2B for which the ITC is claimed while filing the return. Now the Problems there are few transactions which are not entered in tally my books. And I am not able to get those invoices. So what can I do, can I pass entries in tally on the basis of ITC claimed in GSTR 2B or should I have to wait for those invoices.

Please explain, waiting for your valuable reply.

Thanks

CA L Gopal Shah

CA L Gopal Shah (Expert)
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03 April 2024 As per GST Section 16 ITC eligibility conditions Invoice copy is mandatory to claim GST ITC . So booked ITC in tally and claim in gst return after you received the invoices .

CYNTHIA

CYNTHIA (Querist)
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04 April 2024 Hi,
Thanks for the reply. That means even we can see ITC in GSTR 2B, we can claim it only if we have the hard copy of the invoice with us.
Actually I thought that we can claim all the ITC which is reflected in GSTR 2B.

If I am wrong anywhere please correct me.

Thanks

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