We are a manufacturing Company and we are filling our Monthly GSTR-1 & 3B regularly. We take only that Amount of ITC which is shown in GSTR-2B (monthly). We are currently facing 4 situations, before filling GSTR-3B of March 2022, kindly assist me in that situations. 1) We have purchased some Iron Bars (Sariya) & Cement for Construction in our Company. ITC against such Bills were shown in GSTR-2B but we have not taken that ITC (Against Construction of Building) as that was ineligible ITC. Whether we are right in our approach & whether it is mandatory ti show ineligible ITC in GSTR-3B or not.
2) Before Filling of GSTR-3B of March 2022, we have Compiled GSTR-2B (Quarterly) with our books and we found that some Bills of F.Y. 2020-21 available for ITC in GSTR-2B in F.Y. 2021-22 but In F.Y. 2020-21 we have taken ITC in GSTR-3B as per GSTR-2A & we have already filled Annual Return of F.Y. 2020-21 in which ITC against such Bills were not claimed. Can we take ITC against such Bills now.
3) In F.Y. 2021-22, We have some Purchase Bills which are not found in GSTR-2B in F.Y. 2021-22 but Vendor is saying that they will show there Bills in F.Y. 2022-23, my question is when to take ITC of such Bills i.e., in March 2022 or April 2022 GSTR-3B and if ITC against that Bills were taken in April then, how to deal with Accounting of such Input GST.
4) At the time of Preparing Financial Statement we have to Tally our Credit Ledger and Whether Remaining balance of Input is to be added back to purchases or treat it as expenses. Please Clarify.
17 April 2022
1 yes, you are right in your approach, no need to show ineligible ITC in GSTR 3b. 2 you can't avail ITC now. 3 Account it in March but for GST claim ITC in April and adjust it in annual GST return. 4 Treat it as expenses.
17 April 2022
Thanks for reply Sir, But 3rd query is still unsolved If we take purchase in F.Y. 2021-22 and GST on that purchase be catered in expense in F.Y. 2021-22. Then if in F.Y. 2022-23, vendor will show that purchase in their GST return then how to take such credit in our books.
18 April 2022
Sir, Kindly Clarify with what i understand with your reply, i will take credit in books but not take ITC in GSTR-3B return. & adjust this ITC in Annual Return. But Sir, if such ITC would not been available till Finalization of Books of Accounts then, As our Books will Finalize till June 2022.
CAclubindia
