Itc adjustment procedure f.y.23-24

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

04 April 2024 sir,
A Registered regular scheme dealer itc difference between gstr3b vs gstr2b in gst portal adjustment procedure for the month of march-24 gstr3b return.
1.Itc claimed as per gstrb rs:986102/- itc claimed as per gstr2b in gst portal rs:965390/-
2.Itc claimed as per gstr3b rs:965390/- itc claimed as per gstr2b in gst portal rs:986102/-
Doubt:
Itc claim adjustment procedure for the march-24 gstr3b return

RAJA P M

RAJA P M (Expert)
Follow

04 April 2024 Excess claimed will be pay with interest.

Asha Kanta Sharma

Asha Kanta Sharma (Expert)
Follow

15 August 2025 1. Claim Deadline: All pending ITC for FY 2023–24 must be claimed through the October 2024 GSTR-3B, filed by November 30, 2024. Failure to do so forfeits your credit.

2. Reversals & Reclaims:
Rule 37: Reverse ITC if payment to supplier is overdue by 180 days—but can be reclaimed later post-payment.
Rule 37A: Reverse ITC if supplier hasn't filed returns by Sept 30, 2024. This reversal is to be made in the October 2024 return filed by Nov 30, 2024.

3. Annual Return Reporting (GSTR-9):
Table 8A: Auto-populates from GSTR-2B.
Table 8C: Report ITC related to FY 2023–24 but claimed later.
Table 6B: ITC availed in FY 2023–24.
Table 6H: ITC reclaimed in FY 2023–24 (e.g., reversals). Claim and reclaim within same FY must be reflected only once in either 6B or 6H, and also in Table 7.

4. ITC Utilisation Priority: Follow the mandatory sequence—IGST → CGST → SGST/UTGST for tax set-off.

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