EXCESS CREDIT TAKEN OF ITC IN GSTR-3B
This query is : Resolved
17 May 2020
Dear sir
We have taken excess credit of ITC of Rs 2500/- of IGST in GSTR-3B during FY 2019-20 and want to reverse the same in FY 2020-21. In this case am i liable to pay Tax through DRC-03 or not. Pl advice me proper treatment of this error in coming GSTR-3B etc.
Thanks
We have taken excess credit of ITC of Rs 2500/- of IGST in GSTR-3B during FY 2019-20 and want to reverse the same in FY 2020-21. In this case am i liable to pay Tax through DRC-03 or not. Pl advice me proper treatment of this error in coming GSTR-3B etc.
Thanks
17 May 2020
No need of DRC 03. Reverse it in current month GSTR 3 b and pay through GSTR 3 b.
17 May 2020
in both the ways, itc can be reversed. There is no issue. DRC-03 is voluntary basis and in this case an intimation with ARN will be generated and communicated to your jurisdictional CGST office. but in GSTR-3B, reversal of ITC can be done and no such remarks can be put. You need to disclose this itc to your CGST Range.
Option is available with you to choose which is the best.
Option is available with you to choose which is the best.
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