Suggested Accounting Entries for ITC

Effective January 1, 2022, having tax invoice would not be sufficient to claim input credits. The date has been prescribed to make section 109 of Finance Act 2021 effective hence by adding clause (aa) after clause (a) of section 16 of CGST Act

Recent Post

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  ITC can’t be denied to the Recipient if Supplier has not remitted the tax:
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  No Interest if GST Amount in Electronic Cash Ledger Equals to Tax Due Amount: Madras HC
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  Form GST SRM-I for specified Manufacturers Notification No. 04/2024–CENTRAL TAX dated January 5, 2024 (Applicable from April 1, 2024)