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ITC reverse

R.vadivel (Accountant) (143 Points)

13 June 2019

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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10 Replies

anoop (g.m accounts) (214 Points)
Replied 13 June 2019

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) (219 Points)
Replied 13 June 2019

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) (219 Points)
Replied 13 June 2019

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

Pankaj Rawat (GST Practitioner) (55030 Points)
Replied 13 June 2019

@ 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

RAMANATHAN (PROPRIETOR) (30 Points)
Replied 14 June 2019

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

Manoj Punjabi (Accountant) (219 Points)
Replied 14 June 2019

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) (143 Points)
Replied 17 June 2019

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

Pankaj Rawat (GST Practitioner) (55030 Points)
Replied 18 June 2019

@ MANOJ

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

Pankaj Rawat (GST Practitioner) (55030 Points)
Replied 18 June 2019

@ 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

R.vadivel (Accountant) (143 Points)
Replied 19 June 2019

sir
we have tax paid in 2017-2018 igst amount paid in lower and sgst cgst excess amount paid in this transaction can igst amount adjust in sgst and cgst in GSTR 9 thorough DRC-03
igst payable 2500 but paid-1000
sgst payable 500 but paid -700
cgst payable 500 but paid - 700
please clarify me for this transaction