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GST Audit Checklist for Input Tax Credit – 6
👉 Have you checked the input tax credit availed with invoices from vendors like Bill of Entry, Tax Invoice, Debit Note, Self-Invoice. ISD Invoice?
👉 Have you checked entries in Inward supplies records for input tax and reconciled with Invoices from the vendors?
👉 Have you checked the inward supplies records with Monthly return and ascertained reasons for variations, if any?
👉 Have you made a list of restricted input tax credit items as per the GST law?
👉 Have you tallied monthly retum with Input tax credit receivable, if any?
👉 Have you reconciled tax collections with payments and transfer of the balance to appropriate accounts?
👉 Have you checked adjustment of tax set-off by relevant journal entries?
👉 Have you checked that input tax credit on capital goods is correctly availed?
👉 Whether Input Tax credit is reversed for the sale of capital goods as specified in GST law?
👉 Any Reversal of input tax credit for the goods sent for job work?
👉Whether the recipient of supply has effected payment for such inward supply within 180 days from the date of Invoice?
👉Whether input tax credit availed is debited to recoverable account for availing re-credit?
👉Whether the supplier has availed both benefits of depreciation and input tax credit?
👉 Whether the documents (tax invoice/ debit note) on the basis on which input tax credit is claimed contains the mandatory details of recipient such as Name, GSTIN, Address and all other particulars as prescribed?
👉 Whether Input tax credit is reversed against the receipt of Credit Note?
👉Whether input tax credit is bifurcated in to eligible, ineligible, blocked and common credits?
👉Whether the common credits are reversed as per Rule 42 of CGST Rules?
👉Whether input tax credit is availed on capital goods? If yes, whether credit is reversed as per Rule 43 of CGST Rules?
👉Whether reconciliation of input tax credit between GSTR 3B and GSTR 2A is done?
👉Whether any ineligible transitional credit is reversed as per the law?
👉 Have you tallied monthly return with Input tax credit receivable?
👉 Any Reversal of Input Tax Credit for change in scheme from composition to Regular?
👉Others if any specify
Regards 🙏
CA PRADEEP MODI
9433033882
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