Itc reversal
This query is : Resolved
KRITIKA CHAUHAN
(Querist)
21 August 2019
Dear All,
If we have missed to reversed ITC related to FY-2017-18 till March 2019. Can we reversed it now in GSTR-9 (Annual Return). ?
Please Guide
If we have missed to reversed ITC related to FY-2017-18 till March 2019. Can we reversed it now in GSTR-9 (Annual Return). ?
Please Guide
CA R SEETHARAMAN
(Expert)
21 August 2019
Yes it can be reversed in annual return.
KRITIKA CHAUHAN
(Querist)
21 August 2019
Thanku so much Sir for your valuable reply.
https://taxguru.in/goods-and-service-tax/clarifications-gstr-9-gstr-9c.html
" 3. ITC can’t be availed or reversed through Annual Return:
No input tax credit can be reversed or availed through the annual return. If taxpayers find themselves liable for reversing any input tax credit, they may do the same through FORM GST DRC-03 separately. Thus, GSTR 9 don’t have any impact on Credit Ledger."
I read this in above mentioned link. Please guide in this matter as I am totally confused Sir.
https://taxguru.in/goods-and-service-tax/clarifications-gstr-9-gstr-9c.html
" 3. ITC can’t be availed or reversed through Annual Return:
No input tax credit can be reversed or availed through the annual return. If taxpayers find themselves liable for reversing any input tax credit, they may do the same through FORM GST DRC-03 separately. Thus, GSTR 9 don’t have any impact on Credit Ledger."
I read this in above mentioned link. Please guide in this matter as I am totally confused Sir.
CA R SEETHARAMAN
(Expert)
21 August 2019
You are right we can't reverse it. You have to pay/adjust credit through DRC 03 for excess ITC availed ITC as per 2A and ITC availed
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KRITIKA CHAUHAN
(Querist)
22 August 2019
Thank you for your guidance Sir.
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