Gst itc difference in f.y.20-21

Save Share

This query is : Resolved

Quick Summary

This discussion addresses discrepancies between GST ITC claimed in GSTR-3B and what's available in GSTR-2A/2B for the financial year 2020-21. It highlights the importance of following Rule 36(4) by comparing monthly ITC claims with GSTR-2A data. If differences arise, businesses should contact suppliers to file missing invoices or reverse the excess ITC claimed, potentially incurring interest.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
Follow

06 June 2021 Sir,
A gst registered regular dealer tax liability and ITC claim statement summary download in gst portal in 20-21.
Itc claim as per gstr3b rs:12,50,000/-
Itc claim as per gstr2a/gstr2b rs:10,50,000/-
Question:
Dealer itc claimed accounting books entry invoices only rule 36(4) not followed
2.itc excess claim procedure calculated 36(4) rule.

CA Altamush Zafar

CA Altamush Zafar (Expert)
Follow

06 June 2021 First compare every months itc taken by downloading gstr2a. There has been many issues in 2b in the initial months of its introduction. If after comparison there are differences identify the parties and ask them to file your invoices. If you think the parties won't be filing the invoices reverse the itc and book under expenses in your books of accounts

Rajamahendra Varma M.B.A.,LL.B

Rajamahendra Varma M.B.A.,LL.B (Expert)
Follow

15 June 2021 Excess ITC claimed in GSTR-3B shall be reverse along with interest. If you require any clarification, please contact me on nine nine zero one eight four one one five zero.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now