GSTR9 and 9c
This query is : Resolved
30 November 2024
Hi
1) I have claimed excess ITC in fy2023-24 how do I reverse it? DRC 03?
2) I have an outstanding liability for FY 2023-24, can I adjust it through the ECL balance? how to do?
3) Do i have to add this outstanding liability in GSTR9 in Table 9 - Tax paid?
Thank you
1) I have claimed excess ITC in fy2023-24 how do I reverse it? DRC 03?
2) I have an outstanding liability for FY 2023-24, can I adjust it through the ECL balance? how to do?
3) Do i have to add this outstanding liability in GSTR9 in Table 9 - Tax paid?
Thank you
01 December 2024
1. Yes, you can use DRC-03 to reverse excess ITC.
2. Yes, you can adjust outstanding liability using Electronic Credit Ledger (ECL) balance.
3. Yes, you need to report the outstanding liability in GSTR-9. Here's why:
Annual Return GSTR-9 requires reporting of output tax liability and input tax adjustments If you have reversed ITC or made additional tax payments through DRC-03, these need to be properly reflected in the annual return
The annual return serves as a comprehensive declaration of your tax position for the financial year.
2. Yes, you can adjust outstanding liability using Electronic Credit Ledger (ECL) balance.
3. Yes, you need to report the outstanding liability in GSTR-9. Here's why:
Annual Return GSTR-9 requires reporting of output tax liability and input tax adjustments If you have reversed ITC or made additional tax payments through DRC-03, these need to be properly reflected in the annual return
The annual return serves as a comprehensive declaration of your tax position for the financial year.
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