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Reversal of GST

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Jitendra Kumar Sahu

Account Manager

57 Points Posted on 09 May 2020

I have taken input of GST on March, 19 and paid to the supplier on March,2020. I have also file our 3B return till Jan,2020 without any reversal of ITC.
As i am the defaulter of not payment to supplier within 180 days what can i do now. What should be the action taken by me now.

Please suggest.

Thanks.

Replies (3)

Quick Summary

If you've failed to pay your supplier within 180 days, you may need to reverse your Input Tax Credit (ITC). This reversal can typically be done until the due date of your September return or your annual return, whichever is earlier. The reversed ITC will need to be paid in cash, along with any applicable interest.

CA Garima

Assistant Manager

55 Points Posted on 09 May 2020

Any adjustment in ITC availed or reversal can be made upto due date of September of following month or due date of annual return.
So according to my point of view you can reverse itc related to month of march 2019 in annual return of 2018-19 since you already filed return of September 2019.

Pradeep Gupta

Accounts Manager

288 Points Posted on 10 May 2020

ITC to be reversed...due to non fulfilling the criteria for availing ITC.
Since reversal is possible till due date of September month return filing or Annual return filing (whichever is earlier).
Hence, ITC to be reversed...which will be paid in cash including interest.