Are you wondering or engrossed in your thoughts that how you can claim your maximum ITC? What if you have lost track of your invoices? How can you use it to full potential? Hold on!! Have a sigh of relief. All such worries and doubts will just vanish away after reading this article. We’ll take a short tour through ITC and tell you the easiest and most reliable way to get your maximum amount of ITC.
So, without pondering much let’s go through it and make your tasks easy and smooth.
What is ITC (Input Tax Credit)?
If we talk about Input Tax Credit in very layman terms then it is the balance amount you need to pay for the output by reducing the amount that you have already paid on the input items. So, without complicating much, it is a simple amount reduced from your already paid balances.
Is Everyone Liable to Claim ITC?
You must be wondering, is there any protocol that decides who is liable to claim ITC or who’s not? Then your answer is quite simple. Only the users who are registered under the GST norms are eligible to claim ITC. This can be claimed for business purposes only and not for personal purposes.
How Can You Claim ITC?
The ITC can be claimed under the GST norms. Let us assume a scenario in which there are two users P and Q.
If P is a seller and Q is a buyer. P will upload all the details regarding the invoices in GSTR-1.
Once P has uploaded all the details, then the corresponding details will be automatically displayed in GSTR-2A. When Q is about to fill GSTR-2 then all the details that P has in GSTR-2A will be reflected in it.
When all the details are acknowledged by Q, then the balance amount is credited to Q’s account and he can use it for future adjustments.
How frequently ITC needs to be claimed?
There is one big question that how frequently ITC needs to be claimed? Is there any time limit in which it should be claimed or we can claim it anytime? The answer is quite simple. There is a stipulated amount of time in which you can claim your ITC. You can claim it once in a month when you fill GSTR-3B.
How Yourbooks Can Help You To Claim 100% ITC?
To claim your ITC to its full potential you need to keep a track of all the invoices. But to handle these invoices manually and keep a record of them is quite a tiring task. To remove all this hassle and experience a smooth and instant ITC claim, Yourbooks is there for you. You can claim your 100% ITC and that too effortlessly. All your invoices are managed by Yourbooks and you can never miss a chance to use them to the maximum extent.
Now, let’s have a look that how Yourbooks make this task much simpler for you.
When you go to the GSTR-2A section from the dashboard, you’ll be able to witness this interface. You have to select the reporting period for which you want to view the difference in GST claims. Once you fill in the required details, you’ll witness all the GST that has been deposited to the government on your behalf. And all this is presented to you in a very organized and clean fashion.
As soon as you click on the “Add to Yourbooks”, the amount corresponding to that invoice will be added in Yourbooks for you to be claimed.
Now, you can see that as soon as you hit “Add to Yourbooks”, the amount that needs to be claimed will be shown on the right side with proper details. With this fast and reliable feature of Yourbooks, you can never miss a chance to claim 100% ITC and that too without burdening yourself.
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Can I fill GST without entering my GST Number in the company details?
You can register successfully without a GST number but to fill the GST form it is mandatory to fill the GST number.
Can I use a different mobile number than what is registered with the GST portal?
Yes, you can use any other number to register yourself on Yourbooks. However, to file the GST on government portal, an OTP will be sent to the registered mobile number on the government portal, which needs to be confirmed.
Can I access my account using a mobile application?
Yes, you can easily access your account with the help of your smartphone.
Can I add two admin accounts on the same GST number?
No, it is not feasible to have different admin accounts on the same GST number.
How many invoices I can generate from my account?
You can generate unlimited number of invoices or quotations irrespective of the plan you choose.
Can I use it in offline mode?
No, you need a stable internet connection to access your account and avail of its benefits.
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