how to claim ITC?
Nischal Mittel (43 Points)
26 June 2018
if ITC had been reversed due to non payment for more than 180 days, how to claim ITC once again when payment is made
3 Replies
CA Padmasri Manyam
(CA in Practice)
(1340 Points)
Replied 26 June 2018
It has to be reclaimed through GSTR-2. Currently the Form GSTR-2 is not available. Therefore, you need to consider as eligible credit in table 4 of Form GSTR-3B.
Nischal Mittel
(43 Points)
Replied 26 June 2018
So now as on 31st March we have to transfer it to P&L a/c as ineligible credit
CA Padmasri Manyam
(CA in Practice)
(1340 Points)
Replied 26 June 2018
The amout revsersed due to non payment of consideration is eligible credit as and when the consideration is paid. The amout of ITC shall be maintained in separate ledger. The same cannot be charges to P&L.
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