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 ?
uday bansode (22 Points)
26 May 2020I 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 ?
yash
(accountant)
(519 Points)
Replied 26 May 2020
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)
(55030 Points)
Replied 28 May 2020
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 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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