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ITC reverse


R.vadivel (Accountant)     13 June 2019

R.vadivel
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sir,
we have excess itc claimed in 3B return for fy 17-18, can we reverse in May -2019 in 3B return, and where to show in GSTR 9 Annual return

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anoop (g.m accounts)     13 June 2019

anoop
g.m accounts 
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you can reverse the same in annual return for 2017-18 and pay along with interest. No need to reverse the same in May 19

Manoj Punjabi (Accountant)     13 June 2019

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Sir

I have similar query, excess ITC claimed in 17-18, but this was not used, the said amount kept aside while paying monthly GST. the excess amount remained as credit balance every month. Now in April-19 we reversed this amount, to avoid its use. 

What shall we do now while filing return GSTR9.

Regards

Manoj Punjabi

 

Manoj Punjabi (Accountant)     13 June 2019

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Sir I have similar query, excess ITC claimed in 17-18, but this was not used, the said amount kept aside while paying monthly GST. the excess amount remained as credit balance every month. Now in April-19 we reversed this amount, to avoid its use.  What shall we do now while filing return GSTR9. Regards Manoj Punjabi

Read more at: https://www.caclubindia.com/forum/itc-reverse-517164.asp?offset=1#reply

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Pankaj Rawat (GST Practitioner)     13 June 2019

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@ R.vadivel
Report ITC as per books in table 6 & deposit the Excess claim ITC with interest 24% & Setoff the same by filing DRc 03,


@ Manoj

you need to deposit interest only @ 24 till that credit being reversed

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RAMANATHAN (PROPRIETOR)     14 June 2019

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i want know how to file Purchase In GST Portal. anyone know please explain

Manoj Punjabi (Accountant)     14 June 2019

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Sir Thank you for your reply. My point is that excess ITC was not utilised. At any point no GST was payable. So why interest when no GST was payable. EXCESS ITC was just an error in filling gstr3b. It was not utilised at any point. I am confused about interest when no gst is payable. Regards Manoj Punjabi

R.vadivel (Accountant)     17 June 2019

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sir
when we have reverse use Drc-03 what document send in pdf in drc03

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Pankaj Rawat (GST Practitioner)     18 June 2019

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@ MANOJ

ONCE YOU HAVE CLAIMED WRONG THE ITC IN 3B FILED, THE INTEREST IS APPLICABLE (KINDLY REFER SECTION 73, 50 OF CGST ACT)

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Pankaj Rawat (GST Practitioner)     18 June 2019

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@ R.VEDIVEL

NO NEED TO ATTACH ANYTHING , YES IF YOU HAVE SELECTED OPTION OF ANNUAL RETURN WHILE FILING DRC 03 , CAN ATTACH PDF OF GSTR 9


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