ITC NEGATIVE

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accountant
564 Points Posted on 18 June 2020
IN NOVEMBER MONTH 1040 IGST ITC TAKEN BY MISTAKE NOW MARCH MONTH NO ANY IGST ITC
SO HOW TO REVERSE MY IGST ITC.
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On 18 June 2020 at 10:29 Report
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Quick Summary
This discussion addresses how to reverse IGST Input Tax Credit (ITC) that was mistakenly claimed. The advice given is to pay the incorrect amount along with interest, calculated at 18% per annum for non-wilful mistakes. The reversal should be reported in the GSTR 3B filing, with specific sections for different types of supplies.

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1644 Points Posted on 18 June 2020
Hlo Kamlesh.,you have to pay the amount 1040 along with interest. If the ITC is taken from exempt supplies/ supplied used for personal use, it is to be shown in 4(B)(1) and if it is for others, shown in 4(B)(2) in GSTR 3B. You can calculate interest at 18% p.a as it is not willfull mistake. Otherwise interest will be 24%p.a.
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On 18 June 2020 at 12:03
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4215 Points Posted on 18 June 2020
In month of march you have to pay with interest
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On 18 June 2020 at 15:41
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accountant
564 Points Posted on 19 June 2020
Thank u very much for answer
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On 19 June 2020 at 08:00
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4215 Points Posted on 19 June 2020
Your are most welcome
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On 19 June 2020 at 21:37

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