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Input amount wrongly taken
i had taken wrong amount input credit for ex i had taken 2000 instead of 1500 so now how can i correct this please help
Replies (7)
Quick Summary
Reverse the excess itc in subsequent month
You have to Reverse the Excess ITC claimed in the subsequent month along with Interest as specified U/s 50 of the CGST Act 2017.
Did you utilised the ineligible credit for setting off output tax liability ???
Did you utilised the ineligible credit for setting off output tax liability ???
Reverse the excess ITC claimed in next month. and don't forget to pay interest if you have to pay tax in cash
It was about last year dec return mistake but now this month i saw the mistake
Reverse the Excess Input tax credit In the subsequent month along with the interest.
In your case excess itc should be reverse at the time of filing January 2021 return.
In your case excess itc should be reverse at the time of filing January 2021 return.
EITHER YOU CAN DECLARE IT IN ANNUAL RETURN AND PAY THE TAX THROUGH DRC 03
OR YOU CAN REVERSE IT IN NEXT MONTH GSTR 3B EVEN IF IT BELONGS TO LAST YEAR
Reverse in next month with interest or make RETIFICATION in annual return with interest
you can do one of the above
you can do one of the above
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