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???
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;
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