EXCESS INPUT TAX CLAIMED

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This discussion addresses how to rectify an excess input tax credit (ITC) of £23,019 claimed in the 2019-20 financial year's GST returns. The advice suggests reversing the excess ITC in the September 2020 GSTR-3B return. It also highlights the importance of checking if suppliers have declared debit notes and if they appear in your GSTR-2A. You can report debit notes and claim the associated CGST and SGST ITC in the September 2020 GSTR-3B, as ITC cannot be claimed after this period.

sivakumar

sivakumar (Querist)

20 October 2020 Dear Sir / Madam

Any one suggest me
In 2019-20 GST3B EXCESS INPUT TAX TAKEN OF RS. 23019/- [ WHOLE YEAR ]
The turnover of the party is below 1.5 cores annual return not applicable how to pay excess amount or how to adjust excess input tax return amount in 2020-21. GSTR 3B return sep return not yet filed
Pl help me

Lekhraj sood

Lekhraj sood (Expert)

20 October 2020 You can reverse the excess ITC in the GSTR3B of September 2020.Interest will be payable if you utilised this excess ITC for making the payment of your output GST liability.

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sivakumar

sivakumar (Querist)

20 October 2020 Thank u so much sir your valuable suggestion

sivakumar

sivakumar (Querist)

20 October 2020 sir my suppliers as given a debit note for turnover discount in 2019-20 in debit note CGST AND SGST tax mention but i am not shown in GSTR3B in 2019-20 return. Now i have to file sep 2020 file in sep 2020 file can i show discount cgst and sgst amount in GSTR3B or not if shows only CGST AND SGST AMT shows or taxable value also shows pl suggest sir

Lekhraj sood

Lekhraj sood (Expert)

21 October 2020 Check if suppliers have declared the debit notes and appearing in your 2A.
Yes, you must report the debit note in 3B of september and take the ITC of CGST+SGST of the debit note.You will not be able to take ITC after Sept. GSTR3B.

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