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GST Reverse

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sona1

MANAGER

281 Points Posted on 26 August 2024

11/01/2024 our bank deducted Rs. 20000 +3600(GST) =Rs. 23600 for Bank Charge Purpose and after that we haven taken to our GSTR 3B JAN,24 Return Rs. 3600.00 INPUT purpose.

Dated 01/08/2024 bank refund this above amount with GST {i.e. 20000+3600(GST)=23600.00} which they deducted from us mistakenly dated 11/01/24

Now Our question is

(1) For the month of AUG,24 GSTR3B return we will reverse this GST Amount for Rs. 3600.00 ?

(2) Interest will be charged for this GST amount reverse propose?

Replies (4)

Quick Summary

This discussion addresses the reversal of GST input tax credit when a bank mistakenly deducts and then refunds bank charges. The consensus is that the input tax credit of Rs. 3600 must be reversed in the August 2024 GSTR 3B return. Interest will be applicable on the reversed amount, and the transaction should also be reported in Table 12 of the GSTR9 annual return for FY 2023-24, with a reference to Section 50 of the CGST Act for applicable interest rates.

prasad Nilugal

GST Practitioner & Accounts

8996 Points Posted on 26 August 2024

1) yes , you have to reverse Input tax credit wrongly taken .
2) Interest applicable .
3) Also you have to report this transaction in table 12 of GSTR9 , Annual return F.Y 23-24 .

Take more opnion on this .