Rule 36(4) GST Adjustment query
This query is : Resolved
14 October 2020
Suppose input available for the month of Sep is Rs.30000 and input to be reversed for the period APr-Aug2020 is Rs.35000 then how this negative 5000 would be shown in return?
14 October 2020
Rs.5000 will be adjusted with opening balance of your ITC.
15 October 2020
Ok fine but in return how to show it....?As in the return only input available needs to be shown
15 October 2020
You can show ITC utilised more than the ITC availed. There is no issue.Opening balance is in your ITC ledger,it will reduce 5000 from there.
17 October 2020
How to show ITC utilised more i am not getting...what to do if opening balance also is not there?
17 October 2020
If you have no opening balance then you cannot utilise credit more than availed.You have to pay the liability in cash.
19 October 2020
Sir please read my query again i am asking about ITC reversal...the problem is itc reversal for the period Apr-Aug is more than ITC to be availed for the month of Sep...so what to do of extra amount to be reversed?
19 October 2020
You can reverse in this month to the extent of available ITC balance.Balance reversal you can do in the month 3B return when you will take fresh ITC in October/November.
22 October 2020
it will be shown as credit reversal in part 4B (1) of GSTR 3B.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Building and other construction workers welfare cess act 1996
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- Bank Accounts in Balance Sheet for ITR 3
- Gift of mutual fund units to daughter
- Annual return of gst limit
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
