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 Topics :
- UDIN generation
- Reply plz guys
- Tax Deduction and Collection Account Number
- Where can students practice XAT PYQs effectively?
- Gst on Guest house 5% without ITC
- How do you collect documents from clients for ITR
- GST ITC on Construction/ Tenant Specific Renovatio
- GST Treatment and Reporting of Share & Mutual
- AGM Defective Notice
- IMS Rejection of Sales and Sales return
Related Topics :
CAclubindia
