R/Sir I have claimed ITC of credit note and no reverse in September 2018 and March 2019 can I reverse it. GST R 9 whether through credit ledger or cash ledger
Before filing GSTR-9, make voluntary payment of your ITC Reversal through form DRC-03, you can use your credit ledger for it. but you will have to pay interest at the rate of 24% p.a. through cash ledger.
Yes you need to pay tax in cash ledger with interest @ 24% (as per section 50) & set-off the same by filing DRC-03.
Note : As per Notification 74/2018 CT , any liability arising in GSTR 9 can be paid off by Electronic Cash Ledger . So you cannot set-off by Credit ledger
CAclubindia
