Regarding itc

DEAR MY FAVORITE EXPERTS,

                                                   I MADE A CLERICAL MISTAKE IN GSTR 3B AT THE TIME OF ADVANCE ADJUSTED IN 2017-2018. SIR AT THE TIME OF ADJUSTED OF ADVANCE I INCREASED MY ITC AMOUNT INSTEAD OF ADVANCE ADJUSTED / LESS FROM OUTWARD SUPPLY. WHAT I DO IN THAT CASE. I explain to you an example

MY ITC IN MONTH OF JULY 2017 = 5000

ADVANCE ADJUSTED LIABLITY = 2000

IN THAT CASE AT THE TIME OF FILLING 3B I WAS ADD 2000 IN MY ITC . WHILE THIS AMOUNT SHOULD BE LESS FROM OUTWARD SUPPLY. THIS CREATING DIFFERENCE IN MY GSTR 3B ITC AND BOOKS ITC. WHAT I DO IN THAT CASE ????? KINDLY HELP.

 

Replies (3)

ITC claimed by the person would be matched with the details specified by the supplier in his return and in case of any discrepancy the same would be communicated to the supplier and the recipient. Further in case of wrong claims, ITC needs to be reversed along with interest.


If the discrepancy is not rectified, the ITC needs to be reversed along with interest as per section 50(1) i.e. 18%


Hope it helps.

Sir, I have not taken any  wrong ITC. Advance adjusted value add in ITC. .Which had to less from my outward liability. 

Its okay, 

you can not do anything now, as there is no option for revise the return 

 

Show correct value while filing form GSTR9, 

as you said, take proper ITC and adjusted turnover & tax values

you don't have to Match every details with form 3B filed, you can change values as per proper numbers accounted in your books of accounts.

 

you have no option other than showing correct values while filing annual return

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