Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

GST ITC Query

388 views

Save Share

Join Us Follow Us Add as Source

Abhijit Ghosh

203 Points Posted on 07 September 2020

Hi Valued Members,

One New Regular Tax Payer claimed some ITC in the FY 2019-20.

Some ITC matched as per GSTR2A and some ITC mismatched and after re-verification by tax payer it is found that ITC wrongly claimed in GSTR3CB.

As all 3CB and GSTR1 already filed by tax payer for FY 2019-20. Kindly guide how this ITC to be reversed or paid through challan.

Replies (3)

Quick Summary

A taxpayer wrongly claimed Input Tax Credit (ITC) in their GSTR3CB for FY 2019-20. As all returns for that period are filed, they need guidance on how to reverse this incorrect ITC. The query specifically asks if the reversal, along with 18% annual interest from the date of availment, can be processed in the upcoming September 2020 GSTR3CB return.

Praveen kumar

Accountant

42 Points Posted on 07 September 2020

ITC to be reversed by paying Interest on reversal of ITC @ 18% pa from the date of availment to date of reversal.

Abhijit Ghosh

203 Points Posted on 07 September 2020

Praveen Sir, ITC claimed in January & February'2020 GSTR3CB, can we reverse it in upcoming September'2020 GSTR3CB return by paying reversal of ITC @ 18% pa from the date of availment to date of reversal process. Please guide.

Abhijit Ghosh

203 Points Posted on 20 September 2020

ITC claimed in January & February'2020 GSTR3CB, can we reverse it in upcoming September'2020 GSTR3CB return by paying reversal of ITC @ 18% pa from the date of availment to date of reversal process. Please guide.