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Portal vs Books ITC

Eajaz Ahmad (Accountant) (129 Points)

29 September 2023

Dear Experts.
Every end of the year there's a mismatch of ITC between the Portal & the books, because some of the sellers don't file their returns on time and the ITC is held up.
How to make entries of such ITC in the books of accounts and under which Head of accounts it should come under.
Please share your advice.
Thanks & regards to all.
Eajaz

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4 Replies

Sandeep Jain (Pivate) (1184 Points)
Replied 29 September 2023

In the books of accounts you can carry forward itc in next month. it will match your books with portal

SHIV KUMAR (Co-Founder of Sublime Associates) (202 Points)
Replied 29 September 2023

You can make ITC Receivables under Current Assests and ITC Refundable in Current Liab. if any

prasad Nilugal ( GST Practitioner & Accounts ) (14169 Points)
Replied 30 September 2023

Your ITC in the books of accounts , which was not taken will remain as Current Assets in your books of accounts due to non filling of return by the supplier. You have already pass entry

Purchase A/c Dr
Input CGST A/c Dr ( Current Assets)
Input SGST A/c Dr ( Current Assets)
To Creditors A/c Cr .

Same will be Carried forward next month .