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Reversed ITC in books

ITC / Input 863 views 5 replies
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629 Points Posted on 25 August 2019
Sir,
My supplier has not filled the return petering to October 18.I have reversed the ITC via 3B in Last month in books we made below entry please suggest is this correct way or note.
Debit purchase account Rs. 25467
credit input tax account Rs. 25467
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On 25 August 2019 at 14:55 Report
Replies (5)
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Senior Partner
7561 Points Posted on 25 August 2019
better maintain separate ledger under sub group "Ineligible/Blocked/reversal ITC" under expenses
56 Reply
On 25 August 2019 at 14:59
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partner
308 Points Posted on 25 August 2019
can you elaborate more? your question doesn't seem so clear
1 Reply
On 25 August 2019 at 17:26
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629 Points Posted on 25 August 2019
Sir supplier has yet no filled the return due to above reason I have reversed the ITC via GSTR 3B but in books I have made below entry . Query is above-mentioned entry is okay or need to change
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On 25 August 2019 at 17:39
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partner
308 Points Posted on 25 August 2019
have you purchased the goods? and have you received it? if you have then you are only required to reverse the itc if the supplier will not file returns in near future as well. you are to debit the party and credit the itc.
1 Reply
On 25 August 2019 at 17:51
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629 Points Posted on 25 August 2019
already paid payment to supplier so no choice to debit party
1 Reply
On 25 August 2019 at 18:01


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