ITC Tracker

ExpressGST || ITC Tracker


Input Tax Credit (ITC) Tracker Process

The ITC Tracker process is designed to streamline the management and reconciliation of Input Tax Credit (ITC) for Goods and Services Tax (GST) purposes, specifically for GST 3B Table 4 filing. Below is a structured guide to efficiently track, manage, and reconcile ITC through manual or bulk actions.

Step-by-Step Guide to ITC Tracker

Step 1: Select the Company
  1. Choose the company for which ITC data needs to be tracked and reconciled.
Step 2: Select the GSTR 3B Due Option
  1. Navigate to the Return Summary section and select the "GSTR 3B Due" option to view GST 3B return details and their due dates.
      

Step 3: Select the Eligible ITC Option
  1. Click on the "ITC Tracker" option to begin managing ITC for the chosen period.
      
      

Step 4: Import GSTR 2B Book Data
  1. Import the GSTR 2B Book data to facilitate the comparison of ITC details between the books of accounts and the GSTR 2B for the selected period.
      

Step 5: Manage ITC Tracker
  1. ITC can be reconciled through manual actions or bulk actions via Excel.


Notes
Manual Actions
Checkbox Selection
  1. Manually review individual ITC claims by selecting the checkbox next to each entry and applying the relevant action.
      

Party-Wise ITC Review
  1. Use the Party-Wise ITC Claimed tab to evaluate ITC details for each supplier and take actions accordingly.
      
      
      

Auto ITC Claimed
  1. Leverage the Set Auto ITC Claimed option to automatically accept ITC claims that match between the books and GSTR 2B data for the selected period.
      


Notes
Bulk Actions via Excel
Export Data
  1. Export current ITC data into an Excel file using the "Export" option.
      

Modify Data
  1. Update the exported Excel file by completing the action columns (e.g., Accepted, Pending, Rejected, New Value).
      

Import Data
  1. Save the modified file and re-import it into the system using the "Import" option to update ITC status in bulk.
      


Alert
Actions for ITC Claims
  1. Accepted (Book): Mark ITC as reconciled and claimable from the books of accounts.
  2. Accepted (2B): Mark ITC as reconciled and claimable from the GSTR 2B data.
  3. Pending: Mark ITC as pending for future claim due to missing or unresolved details. Use the "Pending Since" option to review and claim previously marked pending invoices.
  4. New Value: Update ITC entries if new or revised values are available.
  5. Rejected: Mark ITC as ineligible for claim if it fails to meet GST requirements.

Notes
Final Step: Auto-Populate ITC in GST 3B
Once ITC claims have been reconciled (manually or in bulk), use the "Auto Populate ITC Claimed" option to transfer the accepted ITC into GST 3B Table 4 for filing.

      


Notes
Generating ITC Reports
To generate a detailed ITC Tracker report:
  1. Click on the mail icon.
      
  1. Enter your email address.
  2. Send the report to receive a comprehensive reconciliation summary in Excel format.

Info
Process Summary
  1. Select the company and the GSTR 3B return option.
  2. Import GST2B data for ITC reconciliation.
  3. Take action on ITC entries: Accepted, Pending, New Value, or Rejected.
  4. Perform actions manually or in bulk via Excel.
  5. Auto-populate reconciled ITC into GST 3B Table 4 for filing.
By adhering to this systematic approach, you can efficiently track, modify, and reconcile ITC for GST 3B filing, ensuring accurate claims and compliance with GST regulations.

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