Reporting of reclaimable reversal

@ CA Altamush Zafar ,

Sir I m regularly reading your and mam post. She never ever argued and personally hit someone. But you are continuously triggering him by your wrong words.

There are many other experts who are responding without sense on each of the post but you never ever questioned them.

Either it's your any personal issues or you want to personally misguide others for her.

You are expert and you may be perfect in your replies but it doesn't mean she is always wrong. She has a different opinion only.

So better you will stop disregards any one expert (for your personal reasons) and maintain dignity of the profession.

If you have so much care of querist then contradict each and every wrong reply on each post.

I can DM you name of number of experts, who reply out of the topic , out of the query , out of law and also out of mind.

Respected members, please don't get or take it personal and reply. I was merely trying to attract attention and seek opinion on the inane introduction of some facilities by GSTN or ministry without proper preparation or clarifications. There may be differences of opinions due to the perspective and let's respect it and adopt which fits to our logic.
Now coming to what @ Rashmi ji said - do you really think officer might be in a position to issue any notice for availing and utilizing ITC which is not reported in the ledger which is not prescribed and supported by any section or rule of GST Act?
Secondly, what if the ITC was neither availed in 4B(5?) by reducing the reclaimable ITC from the available ITC as per GSTR-2B by the tax payer nor reported in 4B(2) but want to make it available now and utilize the same for tax liability?

@ CA Abhay Parsolia

You yourself are not a regular contributor. If I see your feed out of 5, 4 of the feeds relates to CA Rashmi Gandhi answering. 

Moreover my only take was that she change her opinion very frequently because she comes up with answers without research. Therefore in most new aspects she is wrong but she still answers leading to misleading querists. The only answers she does correct as far as GST is concerned are those which are already settled.

If you want to know more go to her feed some months back and you will know if you really want to know.

@ Mohan Kale

As already told that ITC can only be valid if it was claimed within time at the first time. Then if reversed can be claimed back.

As far as notice is concerned notices will come even if you declare opening balance since the department will require how you claimed such balance as they did with TRAN-1.

If you don't disclose opening balance and yet you reverse and reclaim which was already taken before then also notice will come.

The question whether it can be taken. My answer is yes legally if eligible ITC was claimed within time the first time then it becomes a vested right and nothing can deny it.

@ Altamush and @ Rashmi, thanks to both of you for taking your valuable time and replying to my queries.

You are most welcome

do you really think officer might be in a position to issue any notice for availing and utilizing ITC which is not reported in the ledger which is not prescribed and supported by any section or rule of GST Act?

Reply to your first answer is: 

 Central Tax notification 40/2021 on 29th December 2021. Accordingly, a taxpayer can claim Input Tax Credit (ITC) only if the same appears appears in their GSTR-2B. Hence, no provisional ITC can be claimed from 1st January 2022 onwards.

When you claim excess ITC than the ITC available under GSTR-2A, a scrutiny notice for verification of such excess ITC will be definately issued. 

 

Secondly, what if the ITC was neither availed in 4B(5?) by reducing the reclaimable ITC from the available ITC as per GSTR-2B by the tax payer nor reported in 4B(2) but want to make it available now and utilize the same for tax liability?

 

Last date for claiming of unclaimed ITC was 30th November and that date was already gone for the financial year 2022-2023. So you cant claim it now. Now if any ITC was reversed in Table 4B(2) then you can claim it back in now.

If ITC belongs to financial year 2023-2024 then you can claim it without any limitation.

Secondly, what if the ITC was neither availed in 4B(5?) by reducing the reclaimable ITC from the available ITC as per GSTR-2B by the tax payer nor reported in 4B(2) but want to make it available now and utilize the same for tax liability?

 

Last date for claiming of unclaimed ITC was 30th November and that date was already gone for the financial year 2022-2023. So you cant claim it now. Now if any ITC was reversed in Table 4B(2) then you can claim it back in now.

If ITC belongs to financial year 2023-2024 then you can claim it without any limitation.