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GST ITC CREDIT

ITC / Input 368 views 4 replies

DEAR SIR / MAA'M

 

MY NAME IS FAHIM SHAIKH I AM RUNNING A DYEING CLOTH BUSINESS 

LITTLE BIT QUERY I HAVE THAT I HAVE TO CLEAR WITHIN A WEEK 

ACTUALLY I HAVE A DEALER OF GAS CYLINDER WHICH WE ARE MAKING PURCHASE EVERY MONTH FOR  DYEING A CLOTH

AT THE TIME OF LOCKDOWN THE GAS SUPPLIER HAD ISSUE 20 BILL TO ME OUT OF THAT 10 BILL IS CORRECT AND BALANCE BILL IS BOGUS BILL

 

AND I HAVE TAKEN ALL BILL CREDIT IN GST ITC BUT NOW I HAVE TO CLEAR ALL THE MISTAKE OF ITC I HAVE TAKEN OF BOGUS BILL

 

SO HOW SHOULD I CLEAR MY MISTAKE 

KINDLY HELP ME OUT

Replies (4)
I think you need to reverse those 10 bills itc with interest.
So how to Reverse all entry with int kindly help
Depends, first which year/month's itc and when did u avail it? Did u take them all together/are they same period's bills? Interest needs to be calculated from the month u availed till the month u reverse @ 18% or 24% m not sure along with the principal amount. I m not any expert, just sharing my knowledge. So please wait for expert advice. Thanks.
If it relates to current year reverse through GSTR-3B.
If it relates to previous year then reverse through drc-03
In case of further query you can mail me


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