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ITC REVERSAL AS WELL AS INELIGIBLE ITC

MURALIDOSS (INCOME TAX PRACTITIONER) (1302 Points)

20 February 2021

SIR,

I WAS CLAIMED 148000/- ITC FOR IMPORT OF TAX AS REVERSED ITC AND ALSO SHOWN IN IN ELIGIBLE ITC

NOW IT SHOWS AS DIFFERENCE, HOW TO SOLVE THIS.?

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4 Replies

MURALIDOSS (INCOME TAX PRACTITIONER) (1302 Points)
Replied 20 February 2021

IS CORRECT WHETHER I CLAIMED IN BOTH?

CA PARTH SHAH (In Practice) (1951 Points)
Replied 22 February 2021

Why did you reverse ITC on IMPORT? IGST on Imports is allowable.

Bhavika Kothari (CA) (1258 Points)
Replied 28 February 2021

For Input tax credit (ITC) on imports no need to reverse it you can claim such ITC if you have paid the GST against it

MURALIDOSS (INCOME TAX PRACTITIONER) (1302 Points)
Replied 30 April 2021

Due to wrong claim of that in itc recverse and also ineligible itc both, it was reflected in tax liabilities comparision summary shown difference, march month till now not filed. any way or idea to adjust the same (i.e for the month of Nov.154307 igst reversed, now it shows the difference as higher than itc in 2A. - itc availed in 3b itc available in 2a diff

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