Input wrongly available in credit ledger
This query is : Resolved
28 March 2022
Dear sir,
One of my friend doing petrol bunk business, he purchased materials or assets for bunk, for that wrongly claimed input, we can't claim input those capital goods, we need to capitalize in balance sheet, but the input is available in credit ledger, please tell me what to do now.
One of my friend doing petrol bunk business, he purchased materials or assets for bunk, for that wrongly claimed input, we can't claim input those capital goods, we need to capitalize in balance sheet, but the input is available in credit ledger, please tell me what to do now.
28 March 2022
ITC is available for capital goods also if the same is used for business purpose. If it is still ineligible in your case, then you can ignore the credit available in the GSTR 2B. No action is needed.
29 March 2022
If the ITC is getting reflected in credit ledger that means that you claimed ITC in GSTR-3B. If ITC is ineligible then you need to reverse the ITC either through GSTR-3B or DRC-03
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