ITC CLAIM IN WRONG HEAD

by mistake the input of CGST & SGST taken in IGST
Replies (7)

I Think We must reverse the ITC claimed and Then claim Correct ITC in 3b , Do suggest if there is any other way to do this 

i think same but there are no itc available at present

For eg Assume you have claimed Rs100 as IGST ITC in last month and now you want to rectify it you need to Reverse the itc by way of paying the amount of itc claimed (i.e Rs 100) with 18% interest and pay it in DRC-03 only through cash ledger balance ,and the claim correct itc in 3b , During annual return of the respective year mention this as ITC reversed

thank you sir...

PRABU NARAYANAN SIR,

can we adjust in next month 3b as

IGST amount as ITC REVERSED in TABLE 4(b) and take actual in sgst & cgst

Details Amount Integrated Tax Central Tax State/ UT Tax Cess
1   2 3 4 5
(A) ITC Available (whether in full or part)          
(1) Import of goods          
(2) Import of services          
(3) Inward supplies liable to reverse charge (other than 1 & 2 above)          
(4) Inward supplies from ISD          
(5) All other ITC     50.00 50.00  
Total          
(B) ITC Reversed          
(1) As per rules 42 & 43 of CGST Rules          
(2) Others   100.00      
(C) Net ITC Available (A) – (B)   -100.00 50.00 50.00  
(D) Ineligible ITC          
(1) As per section 17(5)          
(2) Others        

 

 

 

DRC 03  REVERSAL OR  THIS METHOD IS CORRECT??

 you have to pay the amount (i.e Rs 100) With 18% interest  in form DRC-03 ,and then you should mention in this Table only the net amount of ITC reversed (i.e rs 100 )must be mentioned. kindly do not mention the interest which you paid .

Originally posted by : Sai Prabhu Narayanan
 you have to pay the amount (i.e Rs 100) With 18% interest  in form DRC-03 ,and then you should mention in this Table only the net amount of ITC reversed (i.e rs 100 )must be mentioned. kindly do not mention the interest which you paid .

IF I pay via DRC-03 ,THEN WHY MENTIONING IN TABLE 4(B)???

 

IF I ONLY ENTERD IN TABLE 4(B) THAT WILL  ALSO PAYABLE  100 RS

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