ITC Not Displaying

275 views 7 replies

Aman Sharma

3 Points Joined January 2024

My GST was activated in March '23, and since then, I have raised several sales invoices and purchased a few items for my IT services. However, since March '23, I hadn't paid the tax, and I received a Suo Moto cancellation order on January 17, 2024. The very next day, upon waking up to this message, I promptly paid all the taxes along with the late fees and interest. I also applied for a GST revocation application.

After filing my taxes, I discovered that I'm eligible for Input Tax Credit (ITC). However, when I checked GSTR-3B, none of the amounts were deducted from my ITC for the said month, even though I had paid all taxes and late fees via cash/net banking. I'm unsure about what happened with my ITC because I don't see it anywhere. Could you please help me understand what I should do to claim or retrieve the ITC?

Replies (7)

Sharath chandra

Accountant

1227 Points Joined September 2015

I have no idea why. if you find the solution please update here too

sabyasachi mukherjee

28032 Points Joined May 2017

If you do not hv idea no need of reacting,
the answer is
what is the value of inputctax credit lying in your account.
Post actual values please.

VIRAAJ VASHISHTH

81 Points Joined January 2024

Eligible ITC, Apportioned ITC & Blocked ITC under GST Act in India

Under the Goods and Services Tax (GST) Act in India, Input Tax Credit (ITC) is a mechanism through which taxpayers can claim credit for the tax they have paid on their inputs. However, not all ITC is eligible for claiming, and some ITC may be blocked or apportioned based on certain criteria.

Here are the three types of ITC under GST Act in India:

Eligible ITC: Eligible ITC is the credit that is available to the taxpayer for claiming under the GST Act. To be eligible, the ITC should meet the following criteria:

a. The ITC should have been paid on goods or services that are used or intended to be used in the course or furtherance of business.

Eligible Input Tax Credit (ITC) under GST Act, 2017 in India

Under the Goods and Services Tax (GST) Act, 2017 in India, Input Tax Credit (ITC) is a mechanism through which taxpayers can claim credit for the tax they have paid on their inputs. To be eligible for ITC under the GST Act, the following conditions must be met:

The goods or services should have been acquired for use or supply in the course or furtherance of business........

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