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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Reversed ITC in books
Replies (5)
better maintain separate ledger under sub group "Ineligible/Blocked/reversal ITC" under expenses
can you elaborate more? your question doesn't seem so clear
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
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.
already paid payment to supplier so no choice to debit party
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