Doubt regarding ITC Reversal

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21 Points Posted on 17 January 2022

I have taken ITC Wrongly in GSTR 3B. and also utilized the same. Now want to reverse entire ITC and want to pay the tax that I have utilized from ITC. 

how to reverse the ITC and how to pay the GST?

Can i reverse the entire ITC in one Month (i.e. 20.01.2022)

Please suggest the same

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On 17 January 2022 at 13:57 Report
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Quick Summary
This discussion addresses how to rectify an error where Input Tax Credit (ITC) was wrongly claimed and utilised in GSTR 3B. It explains the process of reversing the entire ITC and paying the corresponding GST amount. The advice suggests using the voluntary payment option via DRC-03 to correct the GSTR 3B filing.

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GST Practitioner & Accounts
8994 Points Posted on 17 January 2022
When you have taken input tax credit ?.
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On 17 January 2022 at 15:01
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22 Points Posted on 17 January 2022
Voluntary payment through DRC-03
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On 17 January 2022 at 15:21
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Practicing Chartered Accountant
681 Points Posted on 19 January 2022
You can mention the restricted ITC availed/ITC reversed in GSTR 3B and accordingly pay and file the return.
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On 19 January 2022 at 23:24

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