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What to do with ineligible ITC?
I have some unutilised ITC in my credit ledger. I do not want to use them because they are the ITC from my personal use. So, what can I do to return them to the Government?
Replies (7)
Quick Summary
Reverse to Government
Yes. I want to know ho to reverse that.
While filing GSTR-3B, show this under ITC reversal tab. You can show it under table 4(B)(1).
But, If you are having good business, I would advice you to take opinion of your tax consultant/CA before reversing the same.
Regards
CA Sandesh Mahipal
Reverse the same in GSTR 3B
If I reverse it in GSTR3B, will I have to pay it in cash? Or the credit ledger balance will be simply deducted by the same amount?
It will be adjusted via credit ledger.
At the time of filing of GSTR-3B the said inalienable ITC you need to reverse.
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