Electronic Credit ledger and GL difference

In Accounting Software, Bills and Credit note both are accounted. But in GSTR3B, ITC from Bills only shown, Credit note are not shown. GSTR9 also filed. The difference of the ITC from ECL and GL is Credit note. Now the difference is to be adjusted in GSTR3B.

What is the consequence and how to solve the issue?

Thank you

 

Replies (3)
Quick Summary
This discussion addresses a common accounting issue where credit notes, accounted for in software, are not reflected in GSTR3B's Input Tax Credit (ITC). The difference between the Electronic Credit Ledger (ECL) and General Ledger (GL) is identified as these credit notes. The thread explores how to adjust this difference in GSTR3B, including options like depositing cash via DRC-03 or rectifying the ITC balance by setting off against the credit ledger, with considerations for applicable interest.

Deposit in cash ledger & file DRC 03 .
I (nterest applicable @ 18% in term of Section 50)

Thank you sir,

Service provided @ 5% but Services received @ 18%. So we have Excess ITC. We are planning to apply ITC Refund. 

As excess ITC available, why Cash is to be deposited and file DRC. We can reduce the ITC balance (Rectify Now)?

Yes in that case, can file drc 03 by setting of from your credit ledger. no need to depoist cash

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