*How to reverse tran 1 Excess ITC*
Some ITC is to be reversed since excess credit taken in TRAN - 1, do we need to pay this via cash or can we can i reverse my ITC since i have not utilised this ITC till now.... *How to reverse ITC?*
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How to reverse tran 1 Excess ITC
Replies (4)
you can reverse itc in other coloum revsersal
You can reverse by 3B eligible ITC UNDER REVERSAL OF ITC -- IN OTHER REVERSAL,,,,,, YOU HAVE TO NOTE THAT IF YOU TAKE WRONG CREDIT AND ALSO USED IT THEN WHILE REVERSING ITC U. HAVE TO PAY INTEREST ALSO.
As availed and not yet utilised can reverse in GSTR 3B- in 4B(II)
We claimed excess credit of 10,000/- in TRAN-1 in July 2017. When we realized, we paid the excess payment to VAT department in February 2018 as told to us by GST officer. Now the new GST officer has send us a notice that the payment should be made on GST portal. So the payment of 10,000/- should be paid with interest for 6 years and the previously paid amount under VAT head should be claimed for refund as per the officer. Please guide us what to do. Thanks.
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