Reverse of Input tax and credit note
This query is : Resolved
19 January 2024
1st query:
Car battery purchased for personal use. Now I want to reverse this itc. Which option shall I use to reverse:
1. Showing itc reversal u/s 42 43 or 17(5) in Table 4B(1)
2. Other in Table 4B(2)
3. Ineligible itc u/s 16(4) & ITC restricted due to POS rules in table 4D(2)
Query 2
In q1"23 filled one gst sales bill in gstr1 and paid in cash in 3b. Till now no further sales bill. Now credit note for that sales bill is created and filed. As there is no other sales bill hence in gstr 1 it is showing as negatinve invoice value. And also no payment in gstr3b. But what to do to get return that gst amount paid in cash to back in cash ledger.
Car battery purchased for personal use. Now I want to reverse this itc. Which option shall I use to reverse:
1. Showing itc reversal u/s 42 43 or 17(5) in Table 4B(1)
2. Other in Table 4B(2)
3. Ineligible itc u/s 16(4) & ITC restricted due to POS rules in table 4D(2)
Query 2
In q1"23 filled one gst sales bill in gstr1 and paid in cash in 3b. Till now no further sales bill. Now credit note for that sales bill is created and filed. As there is no other sales bill hence in gstr 1 it is showing as negatinve invoice value. And also no payment in gstr3b. But what to do to get return that gst amount paid in cash to back in cash ledger.
22 January 2024
Query 1 - 4. Eligible ITC / (B) ITC Reversed / (1) As per rules 38,42 & 43 of CGST Rules and section 17(5)
Query 2 - You can adjust the negative output in subsequent positive output
Query 2 - You can adjust the negative output in subsequent positive output
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