Ashish Kushwaha (11 Points)
08 May 2024I have couple of concern regarding ITC claiming.
1. If company issue debit note & credit note but not upload the same what should be done ?
2. If company provide scheme for dealer thru wholesaler(optical goods) e.g. gift box (beauty product, can wholesaler claim ITC of gift box ?
3. If product like carpet, AC, Mobile, FAN, are buy for office renovation and uses should ITC of the particular items will be claim ?
Kishor Lulla
(993 Points)
Replied 08 May 2024
Ashish Kushwaha
(11 Points)
Replied 08 May 2024
They are not uploading it, should i reverse the ITC ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 May 2024
Ashish Kushwaha
(11 Points)
Replied 08 May 2024
Sir,
Kindly confirm should i reverse the ITC or what to do ?
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 May 2024
| Originally posted by : Ashish Kushwaha | ||
 |
Sir, Kindly confirm should i reverse the ITC or what to do ? |
 |
Yes, it will be reverse.
In case the supplier not filed his GSTR 1 with the invoice then You can account the bill directly to the expenditure head without split/seggregate of tax portions.
If supplier filed then You will reverse such ITC through GSTR 3b return and account the tax amount in expenditure head.
Hope you are now clear.
Ashish Kushwaha
(11 Points)
Replied 08 May 2024
I understood, but how will be ITC ledger match with the books ? I mean supplier not uploaded the credit note, but raised it including GST, and i forwarded the same to dealer,
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 May 2024
You are so consfused with Your query and replies. So, ask Your query with correct details... And Also ask Your supplier for uploading the credit note.
Without filing it's not reflecting anywhere even ITC ledger as You.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 14 May 2024
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 15 May 2024
1. If company issue debit note & credit note but not upload the same what should be done ? - these should ideally be disclosed in returns. If debit note is not disclosed, the tax should anyway be paid through DRC-03 along with interest. If credit note is not disclosed, there may not be much of implication as there is no revenue loss to the government.
2. If company provide scheme for dealer thru wholesaler(optical goods) e.g. gift box (beauty product, can
wholesaler claim ITC of gift box ? ITC is blocked on gifts
3. If product like carpet, AC, Mobile, FAN, are buy for office renovation and uses should ITC of the particular items
will be claim ? ITC can be availed on AC, mobile and fan.
If carpet is fixed to the ground and cannot be removed without damage and the same is capitalised in books, then ineligible. If carpet expense is charged off to P/L, then credit can be taken.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
