where to show reverse itc (availed but not utilized) under gstr3b

20 June 2019

where to show ITC reverse availed but not utilized under gstr3b ???
There is 2 option 1st is rule 42,43& 2nd is other ????

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5 Replies

CA Mayank A Jain (Chartered Accountant in Practice) (1009 Points)
Replied 20 June 2019

What is the reason for reversal?
If it is due to exempt supply then rule 42 and 43
Or else others.

Bhagyashri Dhavale (13 Points)
Replied 20 June 2019

actually it was wrongly added in ITC under 3b not in nature of exempt supply

CA Mayank A Jain (Chartered Accountant in Practice) (1009 Points)
Replied 20 June 2019

Then you should disclose that amount in others i.e., 4B(2)

Bhagyashri Dhavale (13 Points)
Replied 20 June 2019

shall I have to pay interest on it??

CA Mayank A Jain (Chartered Accountant in Practice) (1009 Points)
Replied 20 June 2019

Yes interest is applicable.

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