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Claim ITC in GSTR-2

Describes how to claim ITC on documents reported in GSTR-2

It is very important to timely claim ITC on the documents being reported in GSTR-2 in order to avoid blocking the working capital between return cycles. Octa GST provides a simplified user interface which enables you to:

  • Claim ITC on large number of documents in few clicks
  • Claim ITC on individual documents
  • Claim ITC on individual tax rates of a document
  • Specify the ITC eligibility type (input / input service / capital goods / not eligible)
  • View the documents on which ITC has not been claimed

Using Octa GST, you will not miss ITC on even a single document. In addition to this, you can view your purchase data while claiming ITC so that you can better decide the type and amount of ITC eligibility.

Bulk ITC Claim

Octa GST provides a convenient bulk ITC claim mechanism using which you can claim ITC on a large number of documents. For example, you can claim ITC on all purchases from a supplier. Or you can reset the claimed ITC on documents if you wish to start over.

 

ITC Claim on Single Document

Sometimes you need more control on the eligibility and amount of ITC claim. For example, ITC is not available on some type of purchases or ITC claim amount is less because of partial personal use.

Octa GST provides a convenient and fine control of ITC claim if you need it:

  • View the complete document details
  • View the line items to better decide ITC eligibility and claim amount
  • Adjust ITC on various tax amounts by specifying a single ITC percentage
  • Quick actions buttons for common claim options
 

Important: It is important to specify the ITC claim on each eligible document. If you don't specify, these documents will not be included in GSTR-2 return.


Continue reading: Octa GST Guide