Excess input reverse through drc-03 or gstr-3b
This query is : Resolved
Quick Summary
30 May 2021
dear sir,
i have taken excess input in gstr-3b of 20202021 and know i want to reverse this amount
please advice can i pay this amount through drc-03 as if i reverse this amount in 20212022 again differance will show in current year
with thanks
i have taken excess input in gstr-3b of 20202021 and know i want to reverse this amount
please advice can i pay this amount through drc-03 as if i reverse this amount in 20212022 again differance will show in current year
with thanks
30 May 2021
Reverse it in GSTR 3b in current year that is the right way. In the annual return it's taken to last year.
30 May 2021
respected sir, if i reverse in 21-22 itc mismatch will not occur?is drc-03 is not correct?
with thanks
with thanks
30 May 2021
Mismatch will not be there. DRC03 is not correct.
31 May 2021
If ITC belongs to previous year and in books entries are correct reverse ITC through DRC-03. If the excess ITC belongs to current year adjust it in the next month's GSTR-3B
31 May 2021
Reversal allowed upto September next year. Guide properly.
31 May 2021
Reversal allowed for life. Department won't say that now the time limit has passed you shouldn't reverse.
Reversing through Drc-03 is recommended in year change because the difference between books and returns will remain in one year only. Rectifying through gstr-3b will impact both year's reconciliation.
Impact is same but with less reconciliation.
Reversing through Drc-03 is recommended in year change because the difference between books and returns will remain in one year only. Rectifying through gstr-3b will impact both year's reconciliation.
Impact is same but with less reconciliation.
31 May 2021
Agree with Seetharaman.
On the contrary, if someone misses to avail ITC during the year, there is a time limit up to Sep to avail ITC in which case reconciliation is anyway a necessity.
On the contrary, if someone misses to avail ITC during the year, there is a time limit up to Sep to avail ITC in which case reconciliation is anyway a necessity.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- RELATED TO TRIBUNAL APPEAL
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- TDS AND ITR ISSUE
- RATE AND HSN CODE
- LIC maturity claim whether taxable
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
