Reversal of excess RCM claimed

I had claimed excess ITC against RCM and in my recent GSTR-3B i reversed it in 4A(3) showing negative value but as per Tax liability & ITC comparison chart downloaded from GST portal, this reversal is not showing any impact in these statements.

Please suggest how do i revert it ?

Thanks in advance !

 

Replies (3)
Quick Summary
A user incorrectly claimed excess Input Tax Credit (ITC) under Reverse Charge Mechanism (RCM) and reversed it in their GSTR-3B. However, this reversal isn't reflecting on the GST portal's comparison statements. The advice given is that RCM liability must be paid in cash, not via ITC. The user may need to reduce their next GSTR-3B claim by the excess RCM amount and pay applicable interest.

You have to pay RCM liability in Cash only , meaning thereby only through Electronic Cash ledger , without availing ITC . 

Thank you Mr Prasad !!

You may less claim this differential RCM amount in next GSTR 3B and pay interest on the said excess RCM ITC.

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