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About ITC in GST R 9
Sir I have short itc in table 8 of GST R 9 return in spite of table 6 that I claimed as per books but in table 8 the ending sentence the itc lapsed in current year what is the meaning for that lines and what are the implications of the lapse itc
Replies (3)
Mr Rakesh, table 8 of GSTR 9 is a comparison between GSTR 2A and the ITC which you have shown in table 6 of GSTR 9 (probably from GSTR3B), The reason for the difference might be due to omission by your supplier in his/her GSTR 1, which in turn reflects in your GSTR 2A. If the figure lapsed is positive you can leave it as such, you didn't take any additional ITC. But if the figure is negative then you probably have taken more ITC than reflected in your GSTR 2A, which needs to be reversed. To avoid any future confusions kindly check your GSTR 2A data before availing ITC in your GSTR 3B.
Agree with Mr. Ranga Raj
Need not to reverse the same ..... yes of your case is under scrutiny or audit by department, then ofcourse the officer can ask you to reverse the same with Interest.
Note : As per 36(4) , you can claim the ITC 10% of eligibile ITC reflected in 2A . So if you have Rs. 100/- in GSTr 2A, then the ITC can be claimed upto Rs.110/-
Note : As per 36(4) , you can claim the ITC 10% of eligibile ITC reflected in 2A . So if you have Rs. 100/- in GSTr 2A, then the ITC can be claimed upto Rs.110/-
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