Notice to reverse the ITC till March 2021

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A GST notice has been issued requiring the reversal of Input Tax Credit (ITC) amounting to approximately £19 lakhs for the period between July 2017 and March 2021. The user is seeking guidance on how to process this reversal, specifically for the financial year 2020-21, using the DRC-03 form online via the GST portal.

Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Querist)
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03 December 2021 Notice to reverse the ITC till March 2021

We have received the notice from the GST office to reverse the ITC up to 19 lakhs from July-17 to Mar 21. As per their notice we have a shot reverse of the ITC to the extent of Rs 19.10 Lakhs. Same requested to reverse immediately under DRC-03.

Please guide us how to reverse the same for FY 2020-21.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 December 2021 Reverse it under DRC 03.

Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Querist)
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03 December 2021 In DRC 03 there is option to reverse ? DRC 03 for payment right ?
can you please guide me? Is it offline or online through portal?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 December 2021 Yes reversal option is there in DRC 03.
Yes DRC 03 is for payment.
It's online through portal.

Login to the GST Portal with valid credentials. Click the Services > User Services > My Applications option. 2. Select the Intimation of Voluntary Payment - DRC - 03 from the Application Type drop-down list.

Avinash Jeevan Dsouza

Avinash Jeevan Dsouza (Querist)
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03 December 2021 Ya got it. What is cause of the payment ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 December 2021 Notice from GST office.

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