Dear All,
I got a notice for reclaim of excess ITC reversal & in the notice, mentioned that there is no provision for reclaim of excess reversal.
Here is the brief example :-
Actual reversal Rs.100 in 2018-19
Reversed in GSTR 3B Rs. 120
Reclaim Rs.20 (120-100) in the financial year
Did I claim in the wrong way or there any provision for reclaim ?
Please help me out
Menu
Can Excess Reversal reclaim under rule 42
Replies (1)
Based on the information provided, it appears that you have claimed a reclaim of excess Input Tax Credit (ITC) reversal in the amount of Rs. 20 (120-100) for the financial year 2018-19. However, according to the notice you received, there is no provision for reclaim of excess ITC reversal.
It could be that in your GSTR 3B filing for the financial year 2018-19, you had accidentally entered an incorrect amount of Rs. 120 for the ITC reversal instead of the actual amount of Rs. 100. And then you claimed a reclaim of Rs. 20 (120-100) which is not allowed as per the GST laws.
Recent Topic
- Client consent under DPDPA: Is client sharing PAN,
- TDS MISMATCH
- Rebate on other income even if LTCG is above my 12
- Need CA to certify shareholding pattern.
- Ltcg savings
- Please share the roc and income tax compliance fo
- Proprietor have 2 business. One is registered unde
- ITR-4 – Gross Receipts or Turnover for Secti
- Unrelated entries in AIS and Form 26as
- Payment to foreign national
Related Topics
CAclubindia
