ITC Rule 36(4)

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316 Points Posted on 13 December 2023
Taxpayer in the 3B of Mar 23 claimed entire ITC on invoices not reflecting in GSTR 2B/2A(as on date) of FY 22-23 and has reversed it in same month.
later on those invoices are reflecting in 2B of Nov 23.

pls answer
1. claiming n reversing the ITC in same month will results no utilization of ITC. hence no intt liability.

2. Can Taxpayer reclaim such itc reflecting in 2B of Nov 23.

pls guide.
thanks in advance
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On 13 December 2023 at 23:37 Report
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Quick Summary
This discussion addresses a taxpayer's situation regarding ITC Rule 36(4). The taxpayer initially claimed and then reversed the full ITC on invoices not appearing in their GSTR 2B/2A for FY 2022-23 within the same month. These invoices later appeared in their GSTR 2B in November 2023. The core questions are whether claiming and reversing ITC in the same month negates interest liability and if the taxpayer can reclaim this ITC now that it's reflected in GSTR 2B.

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Accountant
32 Points Posted on 14 December 2023
You need to reverse it under 4(b)2 in 3B
then c you can re claim
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On 14 December 2023 at 00:02
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2 Points Posted on 14 December 2023
Receiver returned the goods to supplier with debit note for the month September 2017 but not filed in gstr1. But supplier wrongly filed sales return as debit note instead of credit note. Tax officials sent notice to pay tax liability difference between gstr1 and gstr3b. Supplier showed the debit note issued by receiver to the tax officials. but they didn't accept it now. please tell me that should be tax liability difference paid or not
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On 14 December 2023 at 17:48
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"Do the Right Thing...!!!"
128162 Points Posted on 14 December 2023
@ CA NAMRATA KAYARWARR,

I cant understand what you say as "Claiming and Reversing"...

But,
As per Your query...

1. No, It's wrong. If You are avail execess ITC as per 2B then its reversible with interest...

2. Yes, The ITC is available based on 2b. no issues...
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On 14 December 2023 at 21:23
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316 Points Posted on 14 December 2023
But I have not utilized it then why such interest liability. As per clarification if ITC wrongly claimed utilized by taxpayer then only interest liability will arise.
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On 14 December 2023 at 23:40

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