Due to Oversight We have Taken Excess ITC in GSTR - 3B for MAR 18 and it is also already Reflected in Electronic Credit Ledger.
ques:- how to reverse it?
Is This Mistake is Punishable ??? OR any Penalty / Interest will be Imposed on Us ???
Please give advice
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excess credit taken in gstr 3b
Replies (10)
Reverse the itc with the interest @ 24% in next month GSTR 3b
what entries to be passed in the books. if any credit/debit note to be issued.
Pls explain the scenario.. How you have taken excess credit and wat entry you passed for the same in books
Take less in current month as per difference
one extra purchase voucher was included...due to which excess itc of rs.1,00,000 have taken and it is also already reflected in electronic credit ledger...now what to do?
Take less credit in next month
Less the excess credit with next month ITC and show it in 3B
rectify the error in the current month GSTR 3B
Take all itc before 20th oct
good clarification and information
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