Excess claimed ITC

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402 Points Posted on 15 May 2021
I have wrongly claimee access input in GST so i wanna adjust in futher GST return but i dont have any ITC purchase so can i show in purchase return of input ITC column as mostly dealing is in exempted Goods.
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On 15 May 2021 at 18:41 Report
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Quick Summary
This discussion addresses how to rectify wrongly claimed Input Tax Credit (ITC) in GST returns. The user is seeking guidance on adjusting excess ITC when they don't have sufficient ITC purchases, particularly due to dealing in exempted goods. Advice includes reversing the ITC under 'other reversals' in Table 4 and making a voluntary disclosure via DRC-03.

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GST Consultant
15986 Points Posted on 15 May 2021
Show the amount under ITC reversed others
2 Reply
On 15 May 2021 at 18:56
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Chartered Accountant
24588 Points Posted on 15 May 2021
ITC should be reversed
2 Reply
On 15 May 2021 at 19:25
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Chartered Accountant in Practice
1260 Points Posted on 15 May 2021
Kindly disclose in table 4 under reversal under other reversals
1 Reply
On 15 May 2021 at 23:16
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Adjust through DRC 03 VOLUNTARY BASIS
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On 16 May 2021 at 08:01

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