if I was claimed excess ITC In Feb-2021, CGST 25000/- SGST 25000/-
Now I want to reverse it.
but the problem is, There is no ITC of CGST & SGST in Mar-2021.
So, How to reverse ITC???
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How to reverse ITC
Replies (9)
Quick Summary
The amount of ITC reversal needs to be calculated by the taxpayer himself and filled up in Table 4B of GSTR-3B. The ITC reversed that needs to be reported is of two types –
‘As per rule 42 & 43 of CGST/SGST Rules’, where the ITC attributable to exempt or non-business supply is required to be calculated by us using the formula mentioned earlier and entered in this field – thus this field will not be auto-populated; and
‘Others’, where ITC reversal due to other circumstances will have to be reported;
‘As per rule 42 & 43 of CGST/SGST Rules’, where the ITC attributable to exempt or non-business supply is required to be calculated by us using the formula mentioned earlier and entered in this field – thus this field will not be auto-populated; and
‘Others’, where ITC reversal due to other circumstances will have to be reported;
If you want to reverse the excess ITC but in credit ledger you don't have any balance available . in this senerio you can add this reversal amount in your output tax liability and pay the same . but you need to pay with interest
Are you sure mam?
Can we do so..?
Can we do so..?
Yes agree with Renu ji
Yes, you can do the same
Just show the reversal amount in ITC table under reversal (4B). If you will have itc balance it will get adjusted if you don't have balance it will automatically transfer as tax to be paid in cash. No need to show it separately as output tax otherwise it will be wrong presentation. Your GSTR-1 will also not match with 3B
Sir you can reverse itc if it's avail itc in e credit ledger otherwise u should pay in cash to the extent of exceed cliam because if u shown in output at end of year there is difference of turnover & output tax liability in books of accounts & gst returns
Kindly show Input reversal in GSTR 3B and then pay the same in cash. There is no need to report as output tax liability as this approach will make difference between GSTR 1 and GSTR 3B.
There is a table for ITC(Input tax credit) reversal in GSTR-3B. Mention the amount in that table and pay the liability along with interest
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