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REVERSAL OF ITC U/S 16(2)(C) IN GSTR 3B AS PER RECENT CIRCULAR

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This query is : Resolved

Rajendra Prasad (Querist)

13 August 2022 Dear Experts,

What ITC amounts has to be reversed u/s 16(2)(c) in GSTR 3B in Table 4(B)(2). As per the circular 170-02-2022-GST, Dt.06/07/2022 has to report the same from this month along with Section 16(2)(b) and Rule 37 and Credit Note reversals. Also Section 41 of CGST Act has not yet notified as substituted in Finance Act 2022 and also no mechanism has been introduced in this regard.

Please give your views in this regard.

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

10 July 2024 The issue pertains to the reversal of Input Tax Credit (ITC) under Section 16(2)(c) of the CGST Act, specifically in relation to Circular No. ____-GST dated 6th July 2022. This circular provides guidance on reporting and reversal of ITC, and mandates compliance starting from the specified date. Businesses should review Circular No. _____-GST and related notifications to understand the requirements and timelines for reporting ITC reversals.

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