Master in Accounts & high court Advocate
9610 Points
Posted on 26 September 2024
Yes, the Input Tax Credit (ITC) of Rs. 10,000 can be carried forward to September 24, even if you file a Nil GSTR-3B for August 24. Here's why: - GSTR-1 and GSTR-3B are separate returns with different purposes. GSTR-1 is for reporting sales and output tax liability, while GSTR-3B is for reporting summary of sales, input tax credit, and payment of tax. - Filing a Nil GSTR-3B for August 24 means you're reporting zero sales and zero output tax liability for that month. - However, this doesn't affect your ITC balance, which is reported in the GSTR-3B return. - Since you've already filed GSTR-1 for August 24 and reported the ITC of Rs. 10,000, it will be carried forward to the next tax period, which is September 24. Just ensure you report the carried forward ITC in your GSTR-3B return for September 24. You can claim this ITC to offset your output tax liability