I have claimed excess ITC in February GSTR-3B.How to adjust ? Details are below.
Excess ITC in Feb 2020 - CGST-19333/- + SGST-19333/-
Now March 2020 ITC - CGST-14690/- + SGST-14690/-
Please guide me , how to show this ?
6 Replies
yash
(accountant)
(519 Points)
Replied 26 May 2020
In march 3b reverse that amount of ITC and paid with interest.
uday bansode
(22 Points)
Replied 27 May 2020
IN MARCH 3B- CGST SGST
5-ALL OTHER ITC - 14690 14690
ITC REVERSED
2-OTHERS 19333 19333
ITS CORRECT ??
uday bansode
(22 Points)
Replied 27 May 2020
| Originally posted by : yash | ||
 |
In march 3b reverse that amount of ITC and paid with interest. |  |
IN MARCH 3B- CGST SGST
5-ALL OTHER ITC - 14690 14690
ITC REVERSED
2-OTHERS 19333 19333
ITS CORRECT ??
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 28 May 2020
In march reverse the maximum ITC (Can be report Nil) & remaining balance can be Reversed in April month 3B.
Note : Can also paid by filing DRC 03
Note : Can also paid by filing DRC 03
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4825 Points)
Replied 28 May 2020
| Originally posted by : uday bansode | ||
|
IN MARCH 3B- CGST SGST 5-ALL OTHER ITC - 14690 14690 ITC REVERSED 2-OTHERS 19333 19333 ITS CORRECT ?? |
|
This is right if it is rectified in the upcoming GSTR 3B (but before due date of Sept 2020 GSTR 3B).
DRC-03 option can be looked at if above mentioned period has lapsed.
Interest applicable if ITC is utilised for payment in Feb 2020 return.
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