ITC reversal issue

sujith kumar dasa

banglore

1496 Points Posted on 07 September 2019

did you add it to output tax in GSTR-3B??

Bharat

student

43 Points Posted on 07 September 2019

no I am going to add to output tax liabilities with interest. Then how I will avail benefit when I after paying to creditor that's I want to know.

Pankaj Rawat

GST Practitioner

55067 Points Posted on 08 September 2019

Claim it under as ITC under table 4(A)(5)

Bharat

student

43 Points Posted on 08 September 2019

thank you...........

sabyasachi mukherjee

Profession Business

28207 Points Posted on 08 September 2019

reason for reversal has to be known and subsequent remedial measures.

sujith kumar dasa

banglore

1496 Points Posted on 08 September 2019

I don't think to add credit reversal to output tax in table 3 but reverse in Table 4 under other reversals and avail input credit in Table 4 after making payment of tax

sabyasachi mukherjee

Profession Business

28207 Points Posted on 08 September 2019

sujit you can always add credit reversal.

abhishek bardia

partner

308 Points Posted on 08 September 2019

add it now and pay the taxes and after you pay your creditors you can claim it back as input tax credit

Pankaj Rawat

GST Practitioner

55067 Points Posted on 08 September 2019

@ Sujith Kumar , Sabyasachi

As per the provisio in section 16 of GST, read with Rule 37(2) act , it's to be added to Output Tax Liability if not paid within 180 Days & As per Rule 37(2) reversal need to be done in GSTR .2, but as of now it's not being in force , so reversal is to be shown under table 4(b)(2) of GSTR 3b

**

Uttam

employee

814 Points Posted on 09 September 2019

agree with pankaj sir's view.

sabyasachi mukherjee

Profession Business

28207 Points Posted on 09 September 2019

The following cases should be considered also:

if partial payment is made reversal will be proportionate to the amount not paid to the supplier.
As per Sec 16(2), the recipient later makes the payment to the supplier.
If supplier has paid full tax to the government.