GST ITC CREDIT

ITC / Input 210 views 4 replies

Fahim Shaikh

189 Points Joined August 2016

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)

matesurano

56 Points Joined August 2019

I think you need to reverse those 10 bills itc with interest.

Fahim Shaikh

189 Points Joined August 2016

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.

CA Altamush Zafar

GST Consultant

15986 Points Joined March 2013

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