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Is ITC set off with Credit ledger

ITC / Input 227 views 3 replies

RAKESH KUMAR

89 Points Joined January 2020

R/ Sir can we setoff iTC with credit ledger while filling GST return 9 I claimed the ITC credit wrongly in GST return 1

Replies (3)

What?
ITC can not be claimed in GSTR-1

if you have claimed ITC wrongly then reverse it through Form DRC-03 before filing of GSTR-9 with interest of 24% per annum.
For the amount of wrong ITC, you can use your credit ledger, but for 24% interest you must have to pay through your bank account.

Mondira Saha

GST

3925 Points Joined October 2015

1 hope is here you can try many more try including me ..

if you pay excess laibility in 17-18 (not claiming ITC) I m taking about output laibily shown excess then you file your gstr 9 in correct value . after it fiLE RFD-01 (EXCESS PAYMENT OF TAX ) and attach your relevant doc

Pankaj Rawat

GST Practitioner

55062 Points Joined June 2017

Gstr 1 form is for to report Outward Supply .

So if you have claimed the excess ITC in GSTr 3B , then need to PAY IN CASH LEDGER & set off by filing DRC -03

Note : Cannot set-off from credit ledger (Refer Notification 74/2018 CT)