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Bank Charges

06 October 2018

ir... If I show whole amount of Bank Charges in Profit and Loss account under tax audit but now I get know this time there was some part of tax included in Bank Charges so can I claim ITC of tax amount now

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12 Replies

pandya saurabh harshadBhai (student) (48 Points)
Replied 06 October 2018

Ask bank to issue monthly gst invoice for bank charges. And from the same you may claim ITC

Faheem Akram (802 Points)
Replied 06 October 2018

But I have shown whole amount in profit and loss account.....

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 06 October 2018

Yes... You can claim ITC in current FY.

1 Like

pandya saurabh harshadBhai (student) (48 Points)
Replied 06 October 2018

You may post credit entry in p and l account and transfer the sams to itc ledger account

1 Like

Anil Sharma (Accounts Manager) (50 Points)
Replied 06 October 2018

Then there is no need to input GST as you claimed whole amount in P&L

anshul jain (184 Points)
Replied 06 October 2018

sir I would suggest you firstly check gstr 2a if itc on bank charges is shown in gstr 2a. then u will must show in gstr 3 b of Sept 2018 because one of the condition to avail gst credit is to declare itc earlier of following i) due date of furnishing of the return for September, 2018, or

(ii) the actual date of furnishing annual return for the F. Y 2017–18,
so if you fail to declare in Sept return then you can't able to get credit of bank charges in current fy

2 Like

Faheem Akram (802 Points)
Replied 07 October 2018

#anshul_Jain I have full value of bank Charges have shown in Profit & loss Account bcz that time I didn't know about how much actual GST under Bank Charges.....

RAJA P M ("Do the Right Thing...!!!") (128111 Points)
Replied 07 October 2018

Better to leave PY ITC from bank charges.
Avail the ITC in Current FY charges...

VIPIN KUMAR (PROPRIETOR) (57 Points)
Replied 07 October 2018

normally bank are not provide invoice copy to customers. without invoice copy, itc are not allowed, if you have invoice copy of bank charges, correct your acconting entry and claim itc in sep 18 return.

Avinash Kumar (CA-Final Students) (192 Points)
Replied 07 October 2018

if you have given your GSTIN details to bank and you have received tax invoice from bank then you can claim your ITC other wise not

CA Sunil (Internal Auditor) (204 Points)
Replied 08 October 2018

If I have unsdertood your question correctly, that you have included GST portion of bank charges and booked as expense in P&L a/c.

I have 2 questions ?

1. Is your Statutory Audit / Tax is not completed ?

2. Bank chrages ITC is materiial amount ?

if the answer to the question is Yes, the restate the expense in Books excluding GST from bank charges and account the GST portion GSTN portal and Books as GST ITC under current Asset...

I hope I've answered your query !