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Regarding itc & credit note in gst

Sanjeev Pati (Accountant) (250 Points)

15 February 2019

Dear Team Members,

I have some issue regarding Credit note in GST..

Actually a party raise a bill in August month of Rs. 236000/- Including GST (GST amt : 36000/-) but we have not taken yet the ITC of this bill... After that party sent a Credit note in January month of Rs. 118000/- including GST (GST amt : 18000/-)... All details has been uploaded by them in GSTR1 in GST portal.

But i want to know can we take the ITC of this bill & how much amount 18000/- or 36000/-....

Want to know the process of claiming ITC...

Please rply asap.

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2 Replies

CA Vijeta Nathani (Chartered Accountant) (505 Points)
Replied 15 February 2019

You have not mentioned whether August return of your entity has been filed or not. If not, Take the ITC of 36000 in August Return and Reverse the 18000 in January Return.

But if returns till December have been filed, and you have not taken ITC, then take Net ITC of 18000 only in GSTR-3B of January.

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Sanjeev Pati (Accountant) (250 Points)
Replied 16 February 2019

Originally posted by : CA Vijeta Nathani
	You have not mentioned whether August return of your entity has been filed or not. If not, Take the ITC of 36000 in August Return and Reverse the 18000 in January Return. But if returns till December have been filed, and you have not taken ITC, then take Net ITC of 18000 only in GSTR-3B of January.

We have already filed GSTR 3B till December and not taken the ITC of this bill..

That means we can take ITC of 18000/- in January... (OR we have to show 36000/- as ITC & reverse as Debit note... I have no idea regarding this.. Plz help)