Gst input for FY 23-24
This query is : Resolved
25 November 2024
Resolved and deleted.
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.
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.
26 November 2024
Agreed with the above reply.
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