Gst-itc

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 August 2018 GST Registered Buyer in Tamilnadu, took ITC on Purchases from other State in GSTR-3B. But while verifying GSTR-2B, there is no information regarding Sale by the Supplier. This happened during Financial Year 2017-18. How to reverse ITC taken by the buyer and pay the Tax now? Thanks in Advance.

CA Shiv Kumar Sharma

CA Shiv Kumar Sharma (Expert)
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02 August 2018 This ITC Should be Adjusted in this Month GSTR-3B. Prepare a Reconcillation Sheet. Take Credit of this Month Less ITC amount of Last Year which is to be disallowed. As the ITC Amount of this Month get short down with Last year ITC Amount. Pay Difference in Cash Ledger and Then Set off with Liability.