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GST Input Tax Credit (ITC): Reduce Tax Liability & Boost Profits

Elvez Life Fintech simplifies GST Input Tax Credit (ITC) claims, ensuring your business legally reduces its tax liability by claiming credits on purchases. Our consultation services help you navigate complex GST rules, reconcile invoices, and avoid compliance pitfalls. Save money and streamline cash flow with expert ITC management.

Why GST Input Tax Credit Matters

  • Cost Savings: Reduce your GST liability by claiming credits on business purchases.

  • Improved Cash Flow: Lower tax outflows and reinvest savings into growth.

  • Compliance: Avoid penalties for incorrect ITC claims or mismatched invoices.

  • Competitive Pricing: Lower operational costs to offer better prices.

  • Audit Readiness: Maintain accurate records for GST audits.

Eligibility for Claiming GST ITC

      • To claim ITC, ensure:

        • You have a valid GSTIN.

        • Supplier has filed GSTR-1 and taxes are paid to the government.

        • You possess a tax invoice/debit note for purchases.

        • Goods/services are received.

        • ITC is claimed within the deadline (earlier of filing annual return or November of next FY).

How to Claim GST Input Tax Credit

At Elvez Life Fintech, we guide you through a seamless process:

Step 1: Verify Tax Invoices

  • Ensure invoices include GSTIN, HSN codes, and tax details.

  • Match invoices with GSTR-2A/2B (auto-drafted purchase data).

Step 2: File GSTR-3B

  • Claim provisional ITC in monthly/quarterly GSTR-3B returns.

Step 3: Reconcile with GSTR-2A/2B

  • Identify mismatches between claimed ITC and supplier-filed GSTR-1.

  • Resolve discrepancies by communicating with suppliers.

Step 4: File GSTR-9 (Annual Return)

  • Finalize ITC claims and reversals in the annual return.

Step 5: Audit Support

  • Submit reconciliation statements (GSTR-9C) if turnover exceeds ₹5 crore.

Why Choose Elvez Life Fintech for ITC Management?

  • GST Experts: Deep understanding of ITC rules and reconciliation.

  • Error-Free Claims: 99% accuracy in ITC reconciliation and filings.

  • Supplier Coordination: Resolve mismatches with vendors proactively.

  • Audit Support: Prepare for GST audits with organized records.

  • Affordable Packages: Transparent pricing for SMEs and enterprises.

FAQs About Private Limited Registration

No. Suppliers must file GSTR-1 and pay taxes for you to claim ITC.

Earlier of filing annual return (GSTR-9) or November 30 of the next financial year.

Tax invoices, debit/credit notes, and delivery challans.

You must reverse the credit with 18% interest; penalties may apply.

Get Started Today

Maximize your GST savings with Elvez Life Fintech’s expert Input Tax Credit services. Contact us for a free consultation!

Call us at +91 9998240774 or email connect@elvezlifefintech.com. Let us help you grow your business.