Hi dear team I have reverse the ITC in 3B in B(1) which belongs to bank, vechile repair, stationary where to show this in GSTR 9 in which table and under which rule
Pls advise
Why did you reversed the ITC?
50% ITC Reversal in case of the Banking or NBFC sector should be reported under Rule 38 Table of GSTR-9. Ineligble ITC such as blocked credit on vehicle, life insurance, food etc. to be reported in 17(5). Balance reversal which are not specifically address should be reported in the Table-7(H) of GSTR-9 i.e. "Other-Reversal" The Other Reversal column also includes the ITC reversal on account of reclaimed.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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