Double time itc paid import
This query is : Resolved
Thirupathi Reddy
(Querist)
06 September 2018
Dear Sir,
IGST paid on import in Nov-17 is claimed in 3B Nov-17 and again claimed in Dec -17 month
What is the procedure to rectify that .
Regards,
IGST paid on import in Nov-17 is claimed in 3B Nov-17 and again claimed in Dec -17 month
What is the procedure to rectify that .
Regards,
CA Anita Bhadra
(Expert)
06 September 2018
Reverse / (pay along with interest ) excess ITC Claimed in current month GSTR 3 B .(CBEC Circular 26/2017-CT dated 29 Dec 2017)
No. 5 of Circular covers cases where ITC has been over-reported. ITC reporting in GSTR 3B has 5 major sub classifications:
ITC Table provides a residuary field for reversal of ITC. Therefore any over-reported ITC should be done through this field.
If reducible amount is more than the ITC entitlement of adjusting months’ GSTR 3B, it will add to the tax liability which will be payable .
No. 5 of Circular covers cases where ITC has been over-reported. ITC reporting in GSTR 3B has 5 major sub classifications:
ITC Table provides a residuary field for reversal of ITC. Therefore any over-reported ITC should be done through this field.
If reducible amount is more than the ITC entitlement of adjusting months’ GSTR 3B, it will add to the tax liability which will be payable .
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