20 August 2019
During FY 2017-18, ITC was claimed excess in 3B than actually allowable, now what is ideal situation 1. Pay tax in cash through challan in annual return equal to excess amount claimed.(not to give any effect to credit ledger ) 2. reverse excess input tax credit in GSTR 3B (even if we reverse excess tax credit in than also we have sufficient tax credit so we need not to pay tax in cash i.e we have total itc of rs 200000 out of which if we reverse rs 50000 than also we have sufficient balance in credit ledger) ??
CAclubindia
