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how to correct wrong ITC claimed

ITC / Input 1317 views 1 replies

Prem Kewalramani

292 Points Posted on 29 September 2018

In last month's GSTR 3 B figure of ITC is wrong..because some of the dealers have issued bills and later on in the same month they issued same bill no with different rate of material..( earlier bill was for higher price)..by mistake both the bills were taken for ITC credit..how to reverse it next month GSTR 3B...the party will not issue any credit note..yhey have simply issued correct invoice with same number in same month..Pl guide in which colum in 3B this amount is to be shown ..and whether interest is to be paid on this difference amount...thanks

Replies (1)

Deepak Gupta

CA Student

15932 Points Posted on 29 September 2018

Well, first of all the supplier should have issued a credit note instead of issuing the same invoice with revised rates.

Now, in the given situation, for the excess input claimed by you, you have to pay the same through cash or reverse such over reported ITC with interest in the subsequent GSTR-3B.

Since, invoice details are not uploaded in GSTR-3B, and I believe that the supplier will upload only the revised rate invoice in his GSTR-1, the situation will be taken care of.

You may refer Circular No. 26/2017, dt. 29.12.2017.