Wrong credit taken of cgst and sgst instead of igst

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DHEERAJ KUMAR (Querist)

17 July 2018 Please tell me, supplier of goods has issued wrong bill charging cgst and sgst instead of igst in case of inter state sale in the month of march. I have taken credit on the basis of wrong bill i.e. cgst and sgst instead of igst. But in gstr 1 supplier has shown this bill charging igst. Now I want to reverse wrong credit taken. How can I do it.

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)

18 July 2018 You could reverse the credit in the next months 3B return in Table 4.

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DHEERAJ KUMAR

DHEERAJ KUMAR (Querist)

18 July 2018 Can I still reverse it

DHEERAJ KUMAR

DHEERAJ KUMAR (Querist)

18 July 2018 And is there any time limit to reverse it

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)

18 July 2018 There is no time limit of reversal.

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DHEERAJ KUMAR

DHEERAJ KUMAR (Querist)

18 July 2018 Thanks madam, but I have a doubt if I am going to reverse wrong credit and book march igst, then any time limit to book march igst. I have read that march credit can be booked till september...

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)

18 July 2018 The ITC of an invoice can be availed within one year from the date of invoice/debit note. It should be claimed before filling the GST return for the month of September following the financial year to which that invoice pertains, or before filling the relevant annual return, whichever is earlier. However there is no time limit for reversal.

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DHEERAJ KUMAR

DHEERAJ KUMAR (Querist)

18 July 2018 March igst credit which I did not book is 106000. And I booked cgst and sgst 53000 each. Now I will reverse cgst and sgst in July 3B and book 106000 igst. My issue is if igst 106000 is not fully adjusted against coming liability till september return say 60000 is adjusted, then what will happen with remaining 46000 rs.

Vishakha Kejriwal.

Vishakha Kejriwal. (Expert)

18 July 2018 You can carry forward Rs. 46000/-; There is no issue; The limitation is on taking credit; No limitation on utilization;

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DHEERAJ KUMAR

DHEERAJ KUMAR (Querist)

18 July 2018 Thanks mam for the response

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