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Reversal of excess ITC

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123 Points Posted on 21 October 2021
if excess/undue itc is claimed by mistake in GSTR 3b of a particular month, Can it be reversed under table 4(b) (2) i.e ITC reversed-others column of GSTR 3b or DRC 03 has to be filled and secondly if any interest has to be paid along with reversal if this excess itc has not been utilized?
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On 21 October 2021 at 15:11 Report
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3924 Points Posted on 21 October 2021
When you have claim excess ITC ?.
5 Reply
On 21 October 2021 at 15:36
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123 Points Posted on 21 October 2021
In previous quarter
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On 21 October 2021 at 15:38
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GST Practitioner & Accounts
15093 Points Posted on 21 October 2021
You can reverse in Table (b)(2) of GSTR3B, in current month or next month however ,interest is applicable along with reversal .
24 Reply
On 21 October 2021 at 15:44
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123 Points Posted on 21 October 2021
Is interest application even if ITC has not been utilized. If yes, then is the interest rate 24% per annum
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On 21 October 2021 at 15:47
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CA
1258 Points Posted on 29 December 2021

Yes, you can reverse this in subsequent month GSTR-3B. Interest will be applicable in this case since you have utilized the ineligible ITC. Read this article to solve all the doubts about ITC https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/

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On 29 December 2021 at 16:55


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