Itc reversal of oct 2017 in current 3b?

Nitin Pawar (10 Points)

18 June 2018

Hello,

Can we reverse the ITC now of which benefit was taken back in Oct/Nov-17 3B?

Is there any restriction to adjust previous reversals like above?

Kindly assist.

Thanks,

Nitin Pawar

Reply
Follow
Share

3 Replies

Ravi SADhiyan (Practice) (4510 Points)
Replied 18 June 2018

Originally posted by : Nitin Pawar
	Hello, Can we reverse the ITC now of which benefit was taken back in Oct/Nov-17 3B? Is there any restriction to adjust previous reversals like above? Kindly assist. Thanks, Nitin Pawar

As Per My Opinion You can reduced ITC Amount in May-Jun'18 GSTR-3B

But You are liable to apy interest @ 24 % on Wrong Claim ITC Amount

In Present GSTR-3B no option to mentioned wrong claim ITC interest Amount.

In My Opinion you create & pay interest Amt.

Nitin Pawar (10 Points)
Replied 18 June 2018

Q1. Can we reverse this?

Q2. Is this applicable for export of services? As excess ITC is already available in out Credit Ledger.

Thanks in advance.

Ravi SADhiyan (Practice) (4510 Points)
Replied 18 June 2018

Originally posted by : Nitin Pawar
	Q1. Can we reverse this? Q2. Is this applicable for export of services? As excess ITC is already available in out Credit Ledger. Thanks in advance.