Negative itc on gstr3b
ayushi gupta (6 Points)
23 January 2020ayushi gupta (6 Points)
23 January 2020
RAJA P M
("Do the Right Thing...!!!")
(126697 Points)
Replied 23 January 2020
PrabuSubramanianThangavelpilai
(CA Article Assistant)
(132 Points)
Replied 23 January 2020
When there is a purchase return the ITC reversal can be made in 4(B)(2), 4(B)(2)Others is for – Any other ITC which has been reversed in the books by you.
Bcoz when you adjust the ITC of purchase return with any subsequent months it may result in confusion while reconciliation of ITC between books and return during Annual Return.
RAJA P M
("Do the Right Thing...!!!")
(126697 Points)
Replied 23 January 2020
reversed means not claiming the ITC in any manner of the GST...
Purchase return tax not under these category of REVERSAL...
The purchase related ITC already availed / can be avail... So, It will be less only through ITC...
PrabuSubramanianThangavelpilai
(CA Article Assistant)
(132 Points)
Replied 23 January 2020
Originally posted by : RAJA P M | ||
reversed means not claiming the ITC in any manner of the GST... Purchase return tax not under these category of REVERSAL... The purchase related ITC already availed / can be avail... So, It will be less only through ITC... |
Reversal of ITC means the credit of inputs utilised earlier would now be added to the output tax liability, effectively nullifying the credit claimed earlier.
So, reversal cant be said, " means not claiming the ITC in any manner of the GST..." as per your point.
RAJA P M
("Do the Right Thing...!!!")
(126697 Points)
Replied 23 January 2020
READ THE QUERY AND GIVE YOUR OPINION....
NOT CLAIMING ANY MANNER OF THE GST.... NOT FOR RAJA'S POINT.... REVERSAL OF TAXE IS NOT AVAILABLE AS ITC....
PrabuSubramanianThangavelpilai
(CA Article Assistant)
(132 Points)
Replied 23 January 2020
I'm just making my opining but when making a reply to another opinion quotation is required, that too as an opinion not for making anything right or wrong.
If you can refer to any links or any official pages for that means it will be better for learning with clarity.
RAJA P M
("Do the Right Thing...!!!")
(126697 Points)
Replied 23 January 2020