hi all, some purchase bills were wrongly taken twice as ITC for FY 2018-19.. Income tax was filed with corrected data..Now can that ITC be reversed during current Jan 2020 GST filing ?.and disclose/mention the ITC so reversed in both GST audit for both years 2018-19 and 2019-2020..
Is this correct procedure under GST rules??
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GST audit and ITC reversal
Replies (5)
You has to pay Amount of ITC along with Interest @ 24% of ITC from relevant Due date while file GSTR-9 through DRC-03 and no need DISCLOSED IN JAN 20 return.
ITC reversal in Jan 2020 is wrong procedure, you mean to say..
Instead I should do through DRC-03?..
Instead I should do through DRC-03?..
You should reverse the same in normal gstr 3b
Ok thanks..reverse in 3B , report in GST 9c for years 2018-19 and 2019-20 ..is reversal is allowed as per GST rules?
Better way
Pay the ITC amount along with intrest through DRC-03 now itself and show the same information in gstr-9
don't wait until gstr 9 filled intrest will increase.
Pay the ITC amount along with intrest through DRC-03 now itself and show the same information in gstr-9
don't wait until gstr 9 filled intrest will increase.
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