ITC REVERSAL FOR EXEMPTED GOODS
This query is : Resolved
20 February 2024
One of my Clients selling exempted goods under GST. for the past 6 months we forget to reverse the ITC. Now we want to know how to reverse ITC? Please Guide
20 February 2024
You can Reverse the Same in Subsequent Month GSTR 3B or you can file DRC-03 and reverse the amount
20 February 2024
Thanks for your reply. If I try to file subsequent month GSTR-3B. It shows Negative Balance in Net ITC Column.
20 February 2024
Yes, for that you can keep a Reconciliation for that Particular Month GSTR 3B and if you dont want to show Negative ITC then you file DRC-03 as stated earlier
20 February 2024
Ok Sir. Thank You very much.
01 March 2024
Sir, This is the continuation of our earlier discussion about Reversal of ITC of exempted goods. Please guide me to reverse the ITC through DRC 03. Which "cause of payment" should i select under DRC O3?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Gift of mutual fund units to daughter
- Not able to file ITR
- Building tax payment deduction in rental Income
- Reporting of STCG on Property in ITR
- Can partnership firm show income under 44ad
- FEMA regulation Act. for inward remitance
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
