ITC received by bank in portal

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This discussion addresses how to record Input Tax Credit (ITC) in your accounts when the payment doesn't appear on your bank statement, despite receiving ITC in the portal. The suggested method involves adjusting the bank charges entry by crediting the bank charges and debiting the GST account for the discrepancy.

Mahesh S M

Mahesh S M (Querist)

21 January 2025 what is the journal entry to be made to claim the ITC in books of account if payment not found in Bank statement?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

22 January 2025 Whatever charges were levied by bank included GST, you debited them in aggregate. You should debit them separately in the initial stage.
Now you can credit the bank charges with the equivalent amount and debit the GST account.

Mahesh S M

Mahesh S M (Querist)

22 January 2025 sir, but sometimes I won't see the transaction in bank statement for which I received ITC in portal. if ITC claimed in 3B then how I can match ITC in books?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

22 January 2025 Reduce/Credit that much amount from the bank charges & debit the same to GST.

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