ITC REVERSAL ISSUE
This query is : Resolved
19 March 2020
One of my client has claimed ITC during the year 2017-2018 but there is no taxble supplies. Now in the month of Jan 2020 the department send notice to pay the ITC claimed during the year 2017-2018 as there is no taxable supplies. My doubt is whether can I reverse that ITC in the month of Feb 2020 GSTR-3B since it is there in credit ledger or I have to pay the ITC through cash in DRC-03. Kindly clarify me. thank you
19 March 2020
Yes reverse the ITC in the month of February GSTR 3 b. No need to pay through DRC 03.
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20 March 2020
Thank you very much sir
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