GST Entry for input reversal at time annual return
This query is : Resolved
rahul rana
(Querist)
04 April 2022
Dear Sir/Mam,
Good morning,
While making sale free of cost at this time we make input credit reverse on product & make expense as cost of sample. we done this in books but we forgot to reverse it in GSTR-3B FY 20-21
april-2020 but at the time of filing GSTR-9 & 9C we have shown this difference and Paid DRC-03 by bank. now i just want to know journal entry of DRC-03 in my books.
please help me in this regard.
Good morning,
While making sale free of cost at this time we make input credit reverse on product & make expense as cost of sample. we done this in books but we forgot to reverse it in GSTR-3B FY 20-21
april-2020 but at the time of filing GSTR-9 & 9C we have shown this difference and Paid DRC-03 by bank. now i just want to know journal entry of DRC-03 in my books.
please help me in this regard.
CA Altamush Zafar
(Expert)
05 April 2022
Previously you would have adjusted this amount with ITC however in reality you didnt adjusted it. Later on you are adjusting it with cash. ITC will get debited and cash will be credited because previously in books you would have credited the ITC
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