Reverse Excess ITC claimed

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59 Points Posted on 27 October 2021
Respected Experts. I have wrongly taken GST ITC for F / Y 2020-2021 year. Wrongly taken ITC CGST: 5,00,000 SGST: 5,00,000. September 2021 GST 3B not filed. Augest 2021 Closing Balance ITC CGST: 1,54,900 SGST: 12,60,400. My question is, if I win, can I deduct 1,54,900 from CGST and 8,45,100 from SGST?
(Low amount in CGST and high amount in SGST). I beg you to tell me a way on how to match ITC.
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On 27 October 2021 at 13:53 Report
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Quick Summary
This discussion addresses the incorrect claiming of GST Input Tax Credit (ITC) for the financial year 2020-2021. The user wrongly claimed CGST and SGST amounting to £5,00,000 each. They are seeking guidance on how to reverse this excess ITC, particularly concerning the remaining balance in their ITC ledger and how to settle any outstanding amounts in cash.

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Employee Private
1913 Points Posted on 28 October 2021

No way. You have to pay balance CGST in CASH.

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On 28 October 2021 at 10:54
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M Com FCS LLB M-AIMA
14046 Points Posted on 28 October 2021

you have to make payment in CGST head of the balance amount left over after reversal.

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On 28 October 2021 at 16:07

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