Master in Accounts & high court Advocate
9610 Points
Posted on 17 January 2025
Eligibility for ITC To claim ITC, you must meet the following conditions:
1. *Invoice and Payment*: Ensure you have a valid invoice and payment records from the two entities.
2. *GST Registration*: Verify that both entities are registered under GST and have a valid GSTIN.
3. *Input Services*: Confirm that the services provided by the two entities are input services used for your outward supply (the work contract in Odisha).
4. *ITC Eligibility*: Check if the input services are eligible for ITC as per the GST Act and rules. ITC from Entities in Different States Since one entity is registered in Odisha and the other in West Bengal,
you'll need to consider the following:
1. *IGST on Inward Supplies*: As you're raising bills with IGST, ensure you're paying IGST on the inward supplies from both entities.
2. *ITC under IGST*: You can claim ITC under IGST for the input services received from both entities. Documentation and Record-Keeping To claim ITC, maintain proper documentation and records, including:
1. *Invoices*: Keep invoices from both entities, showing their GSTIN, invoice date, and amount.
2. *Payment Records*: Maintain payment records, such as bank statements or payment receipts.
3. *GST Returns*: Ensure you're filing your GST returns (GSTR-3B and GSTR-1) accurately, claiming the eligible ITC.