GST Input Tax Credit Reconciliation

Input tax is the central tax (CGST), state tax (SGST), integrated tax (IGST) or cess paid by a person having GST registration on supply of goods or services. GST input tax also includes tax paid on reverse charge basis and IGST charged on import of goods. However, input tax does not include tax paid under composition levy.

Input tax credit or the ITC is a tax that a business pays on a purchase and can use to reduce the tax liability when it makes a sale. The levy of taxation is based on the value-added at each stage of the supply chain until it reaches the consumer.

Goods and Service Tax Act was levied on goods and services based on the principle of value addition. In such a tax system to negate the cascading effect of the tax liability paid on procurement of raw materials, consumables, plants, and machinery, etc. This element used to offset the tax liability is called an input tax credit.

BASIC

iNR 5,299/-

Unlimited Users

Upto 500 Estimates

Upto 500 Invoices

Upto 500 Purchase Invoices

Upto 500 Purchase Orders

GSTR-3B Return Filing

GSTR-1 Return Filing

GSTR-4 Return Filing

GSTR-9 Return Filing

Import or Export to Excel

Phone, Chat & Email Support

STANDARD

iNR 8,299/-

Unlimited Users

Upto 5000 Estimates

Upto 5000 Invoices

Upto 5000 Purchase Invoices

Upto 5000 Purchase Orders

GSTR-3B Return Filing

GSTR-1 Return Filing

GSTR-4 Return Filing

GSTR-9 Return Filing

Input Tax Credit Reconciliation

GST eWay Bill

GSTN API Connect to File Directly

Import or Export to Excel

Phone, Chat & Email Support

PREMIUM

iNR 10,299/-

Unlimited Users

Unlimited Estimates

Unlimited Invoices

Unlimited Purchase Invoices

Unlimited Purchase Orders

GSTR-3B Return Filing

GSTR-1 Return Filing

GSTR-4 Return Filing

GSTR-9 Return Filing

Input Tax Credit Reconciliation

GST eWay Bill

GSTN API Connect to File Directly

Import or Export to Excel

Import or Export to Tally

Phone, Chat & Email Support

Documents Required For Claiming GST

As a registered taxable person, the input tax credit can be claimed based on the following documents:

  1. An invoice issued by the supplier of goods or services
  2. Invoice issued by the recipient of goods and services supplied by an unregistered dealer. Such supply comes under the reverse charge mechanism. This mechanism involves supplies made by an unregistered person to a registered person.
  3. A debit note issued by the supplier if the tax charged is less than the tax payable in respect of such a supply.
  4. A bill of entry or any similar documents is required to document an integrated tax on imports.
  5. An invoice or credit note issued by an input service distributor as per the rules under GST.
  6. A supply bill by a dealer opting for a composition scheme or an exporter or supplier of exempted goods.