Excess ITC Claimed in GSTR-3B, How to adjust its ?

ITC / Input 721 views 6 replies

 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 ?


 

Replies (6)
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 ??

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 ??

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
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.

Thanks @ CA Akshay Sir and  @ Pankaj Sir


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