GST ITC REVERSAL

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Student
844 Points Posted on 17 February 2021
what is journal entry in books for excess input claimed but not reversed in GSTR3B till time closing books for the financial year
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On 17 February 2021 at 14:10 Report
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This discussion addresses how to account for excess Input Tax Credit (ITC) claimed but not reversed in GSTR-3B when closing financial year books. It explains that such reversals can be made in GSTR-9, with GST paid accordingly. If an invoice is partially paid, ITC reversal is proportionate and added to the output liability.

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Chartered Accountant
414 Points Posted on 17 February 2021
U can revert it in gstr 9 and pay gst accordingly
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On 17 February 2021 at 14:50
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Master in Accounts & high court Advocate
9620 Points Posted on 17 February 2021

 If part of the invoice is paid the ITC will be reversed on a proportionate basis. The ITC reversed has to be added to output liability.0

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On 17 February 2021 at 14:51

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