banner_ad

Reverse of Input tax and credit note

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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.
Profile Image

Aashok Kumar Sharma online

Profile Image

Aashok Kumar Sharma online (Expert)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
ARTICLESHIP 30 April 2026
Article Assistant

J SINGH & ASSOCIATES

Ahmedabad

CA Inter

View Details
Company
24 May 2026
Accounts & Tax Executive

PARAS KHURANA AND CO

New Delhi

B.Com

View Details
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details