Gst input for FY 23-24

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This query is : Resolved

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This discussion clarifies how to handle GST input tax credit (ITC) issues for the financial year 23-24, specifically for invoices from previous periods. The recommended solution involves rectifying the GSTR-3B return for the current period (October 2024) to reverse any incorrectly claimed blocked credit and claim the eligible ITC on materials used for plant and machinery. If direct rectification isn't possible, filing a GST AS-2 form with tax authorities is suggested.

Chahat Khanna

Chahat Khanna (Querist)

25 November 2024 Resolved and deleted.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

26 November 2024 Since the invoice relates to a previous period (Dec-23), you can correct this mistake by including the input tax credit (ITC) on the material used for plant and machinery in your current period's GSTR-3B (October 2024) by rectification process. You will reverse the incorrectly claimed blocked credit in the same GSTR-3B and claim the eligible ITC.
Reverse the blocked credit claim (10 Lacs + GST 1.8 Lacs).
Claim the eligible ITC on the purchase of MS material used for plant and machinery, which should have been eligible as input credit.

If you're unable to file an amended return or claim the ITC in the current tax period, you can submit a GST AS-2 form to the tax authorities. This form allows you to rectify errors or omissions in your original return.