GSTR3B Filing: 5 Key ITC Checks to Avoid Rejection 🚫

Just like a road accident can instill fear in driving again, past experiences of denied input tax credits and facing show-cause notices can create apprehensions for future claims!!

With the increasing notices and orders denying Input Tax Credits availed in the past periods with interest & penalty, there is a natural fear of what could go wrong whenever availing credit in the GST returns.

Here is a list of Top 5 INPUT TAX CREDITS TO NOT AVAIL - A Checklist before filing GSTR3B!

1. ITC not reflected in GSTR 2B 🚫

2. Blocked credit u/s 17(5) 🛑

3. ITC for personal consumption / non-business purpose 🙅‍♂

4. ITC relating to exempted / non-GST outward supplies (Full reversal for directly attributable credit and Proportionate reversal for common credit under Rule 42 & 43) ⏰

5. ITC time barred u/s 16(4)

Double-check these ineligible credits before filing your returns for a smoother journey through GST! ✅

#GSTwithSaradha

#GSTCompliance #TaxTips #IneligibleCredits #TaxationInsights