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Reverse of Input tax credit
sir i have taken 33000 input tax credit in gst3b return of January 2018 .... but this bill was October 2018 ..... i have filed upto may 2018 return , and i have showing 19000 in gst portal as credit ledger, sir i want to reverse 19000 in gst3b return of june and want to pay 24% interest on it ...... and balance 14000 i want to reverse in October with 24% interest, is this fair? plz tell me also whether i have any other tax liability or have i reduce my outward tax liability???
Replies (3)
yes you can reverse the itc as per your requirements.... but interest should be calculated properly then...
You are correct as far as you are ready to pay the interest. However pls note that in the month of Oct'18 you have to take again the Credit of Rs 33000 so you have two option -
1. Reverse separately under Table 4A.2 (Other reversal) - More preferred
2. Take the net credit 33000-14000 = 19000 (Not advisable)
Your question is not fully clear. However, In my opinion, since you have taken excess input credit in January'18, you have to pay it again i.e, Rs. 33000 along with interest and you can claim input of Rs. 33000 in return related to Oct,18.
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