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GST 105% ITC CALCULATION QUERY

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Ajnas

Student

570 Points Posted on 22 February 2021

GSTR 2B there is note"Positive values of all credit notes, on which ITC is available. If a. this is negative, then credit may be reclaimed subject to reversal of the same on an earlier instance."
Sir where to show reclaim of itc in gstr 3b under which coloumn? This reclaim itc is considered for 105% itc calculation?

Replies (3)

Quick Summary

This discussion addresses a query regarding the reclaim of Goods and Services Tax (GST) Input Tax Credit (ITC) when credit notes result in a negative value. The user is asking where to report this reclaimed ITC in their GSTR 3B return and whether it affects the 105% ITC calculation. The response clarifies that reclaimed ITC should be shown under 'Other ITC' in GSTR 3B and that the 105% calculation is not applicable if the ITC was already reflected in previous GSTR-2A/2B filings. It also touches upon the refund of interest paid on excess ITC claims and the non-refundability of duplicated ITC claims.

Rama chary Rachakonda

Master in Accounts & high court Advocate

7021 Points Posted on 22 February 2021

Any interest paid earlier on excess claim of ITC will be refunded by crediting the amount to the recipient's Electronic Cash Ledger. In case of duplication of ITC claim, no refund will be allowed as it is a contravention of the GST provisions.

CA Altamush Zafar

GST Consultant

10402 Points Posted on 23 February 2021

Reclaim will be shown under Other itc.
No 105% calculation is not applicable on it provided it has already been shown in previous month's in Gstr-2A/GSTR-2B.
You can separately show reclaimed itc in GSTR9