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Adjustment of liablity in annual return
If we short paid of IGST 5000 on outward supply and we have 10000 IGST ITC which not claimed in GSTR 3B so can we adjust this liability with that kind of liability in annual return ?
Replies (4)
No you cannot adjust IGST liability with missed ITC in annual report as any missed out credit of the last FY year has to be availed in the GSTR-3B of the month of September . There is no provision for availment of credit in the Annual Return. ... Hence, only those credits which have been availed in the same financial year should be considered as part of input tax credit.
How will be missed ITC treat ?
Lapsed & can be transferred to Direct Expenses .
You cannot adjust any liability in annual return. If there is any unclaimed ITC then it is lost. For any unpaid liability you can pay it through DRC-03
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