Difference ITC adjust f.y.23-24 on based.

This query is : Resolved

Kollipara Sundaraiah (Querist)
Follow

26 March 2024 Sir,
A RTP ITC difference details mentioned below f.y 23-24
ITC claim as per books rs:923410/-
ITC claim as per gstr2b rs:945320/- in gst portal
ITC claim as per gstr2a rs:935790/- in gst portal
Doubt:
Dealer ITC difference adjustment based above mentioned options for the month of March -24 month

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
Follow

06 July 2024 Based on the information provided, it seems you are dealing with a discrepancy in Input Tax Credit (ITC) as per your books compared to what is reflected in GST returns (GSTR-2B and GSTR-2A) for the financial year 2023-24. Here’s how you can approach this issue:

1. **Identify the Discrepancy**: You have identified the following figures for ITC:
- ITC claimed as per books: Rs. 923,410/-
- ITC claimed as per GSTR-2B: Rs. 945,320/-
- ITC claimed as per GSTR-2A: Rs. 935,790/-

There is a difference between these figures, indicating that your books show one amount, while the GST portal shows different amounts based on GSTR-2B and GSTR-2A.

2. **Reason for Discrepancy**: Discrepancies in ITC could arise due to various reasons such as:
- Timing differences in filing GSTR-1 by your suppliers (GSTR-2A reflects auto-populated data based on suppliers' filings).
- Errors in reporting or recording transactions in your books of accounts.
- Differences in eligible ITC claims based on GST rules and regulations.

3. **Adjustment for March 2024**: To reconcile these differences for the month of March 2024:
- Compare the ITC claimed in your books with the figures in GSTR-2B and GSTR-2A for the relevant period (March 2024).
- Analyze discrepancies line by line to understand where the differences arise (e.g., specific invoices, categories of ITC, etc.).
- Adjust your ITC claim as per the reconciled figures to ensure accuracy in your GST filings.

4. **Documentation and Support**: Maintain detailed documentation of your reconciliation process, including:
- Copies of GSTR-2B and GSTR-2A for March 2024.
- Reconciliation statements highlighting differences and adjustments made.
- Any communications or clarifications sought from suppliers regarding ITC discrepancies.

5. **Consultation**: If the discrepancies are significant or complex, consider consulting with a GST professional who can provide guidance tailored to your specific situation.

6. **Rectification and Compliance**: Ensure that any adjustments made are compliant with GST regulations and are reflected in your subsequent GST returns (GSTR-3B). Rectify any errors promptly to avoid potential notices or penalties from the tax authorities.

By following these steps, you can effectively manage and reconcile the ITC differences for March 2024 and ensure compliance with GST laws. If you need further clarification or assistance, feel free to consult with a tax advisor or GST practitioner.