Excess transitional sgst credit
This query is : Resolved
07 March 2018
One dealer was found claiming excess sgst ITC in tran1 than what was in his original return filed for 6/17.The dealer was asked to reverse the excess ITC with interest.How he could reverse the ITC as there was no facility today I.e neither in gstr1 or gstr3b.Is it suggested that the dealer to deposit the said excess ITC in tax and interest head.If he deposit,then there will be possibility for adjustment of said tax in subsequent tax period.Thus how he will reverse the excess ITC so availed?
07 March 2018
In current scenario GSTR 2 and 3 is not available. So, You can reverse the excess tax in GSTR 3B return...
07 March 2018
Reverse it under table 4 - ITC reversed -"Others" and pay interest on it
07 March 2018
Yes it can be reversed in GSTR-3B as suggest above.
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