Ram Jag Yadav asked 6 years ago
Inquiry for GST Return
Dear Sir/Madam,
We are reached out FY 2017-18. With much confusion Under GST Related. I have a question that In Our Balance sheet, We will GST payable/Receivable balance show ( As per Actual or As per GSTR-3B or Reconciliation with GSR-2A )?. If GSTR 2A reconciliation, Can I eligible take ITC that invoices which will not GST return filed by suppliers. )
Answer the question
Deepak Bholusaria, CA answered 6 years ago
For books of account, principal of accounting (like accrual /mercantile) will decide how muxh to claim as gst and how much to show. Generally it is on actual basis (but is more complex than merely actual)
If you have considered some credit in books but failed to consider in 3B,then you can claim in next 3B till September 2018.
Credit allowed in 3B is provisional and is subject to filing of return by supplier as well as payment by supplier. So if returns are not filed by suppliers the said credit may be denied to you as well
Sachin Agrahari answered 6 years ago
Dear Sir,
For Balance sheet purpose, accounting is done on accrual basis so yo have recorded all ITC for which you got the invoices from supplier, this all ITC you have taken in your GST Returns i.e. in GSTR 3B which is provisional basis. Questions arises on that ITC which you don’t know but its reflecting in your GSTR 2A so please reconcile your ITC with GSTR 2A and taken the balance credit in next coming month return.
In Balance sheet GST Liability is recorded as per accrual basis or the other basis adopted by Registered person. In addittion to this you can claim the ITC which is shown in GSTR 2A.
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