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reversal of itc in case of fabrics
what adjustment entry to be passed in respect of reversal of ITC in case of fabrics for the FY 2017- 18 while finalizing the books of accounts as the same has already lapsed though at the GST portal it will be reversed in the 3b of August month. As currently ITC receivable due to inverted duty structure is reflecting as current asset in books of accounts
Replies (4)
Need to increase stock in the same fabric
Stock/Purchase/Direct exp. ....Dr
To ITC ........CR
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To ITC ........CR
.
@ Pankaj Sir I was right na?
Dear rohit U are correct ....
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