How to re-claim and offset the ITC in 3B rtn.
This query is : Resolved
Gopalakrishnan. S
(Querist)
20 December 2024
Sir,
One of my friend has reversed the in-elligible ITC under Table 4(b)2 in the FY 23 - 24 instead
of Table 4(b)1 in 3B return. The said ITC is getting reflected in the "Electronic Credit Reversal and Re-claimed Statement". Now, he want to re-claim the said ITC and reverse is properly under Table 4(b)1, since it is ineligible ITC.
Should he reclaim and reverse the amount in the same month itself ?
Because, he reclaimed the amount in the previous month return ( Oct 24 ) and while trying to offset it
in the current month ( Nov 24 ) return, the system is raising liability to that extent.
What happens to the reclaimed ITC ? Actually, he is reversing only the amount, which he
has reclaimed.
How to solve this issue?
Pls. advice.
One of my friend has reversed the in-elligible ITC under Table 4(b)2 in the FY 23 - 24 instead
of Table 4(b)1 in 3B return. The said ITC is getting reflected in the "Electronic Credit Reversal and Re-claimed Statement". Now, he want to re-claim the said ITC and reverse is properly under Table 4(b)1, since it is ineligible ITC.
Should he reclaim and reverse the amount in the same month itself ?
Because, he reclaimed the amount in the previous month return ( Oct 24 ) and while trying to offset it
in the current month ( Nov 24 ) return, the system is raising liability to that extent.
What happens to the reclaimed ITC ? Actually, he is reversing only the amount, which he
has reclaimed.
How to solve this issue?
Pls. advice.
Gopalakrishnan. S
(Querist)
23 December 2024
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