Wrongly utilised itc how to reverse

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20 Points Posted on 17 October 2023

In last month 3B, instead of utilising cash for payment of GST liability we have wrongly utilised ITC balance. (ITC balance is of business whereas GST liability was for rental income)

Cash payment was already done. so we have cash balance 

How to rectify.

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On 17 October 2023 at 13:06 Report
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Quick Summary
A business owner mistakenly used their Input Tax Credit (ITC) balance to pay GST liability on rental income, instead of cash. The GST liability was already paid in cash, leaving them with a cash balance and a need to rectify the ITC usage. The advice given is that this can be easily reversed by utilising the correct method in the subsequent month's GSTR-3B filing.

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"Do the Right Thing...!!!"
20 Points Posted on 17 October 2023
I can't understand your query...

Why you can't utilise ITC...???
What are the income/business by You...???
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On 17 October 2023 at 13:46
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20 Points Posted on 17 October 2023

Business is of manufacturing. Since it is proprietary we have to levy Gst on rent also. 
All itc is for the business purposes. 
 

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On 17 October 2023 at 14:04
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CFO- at NHTF
20 Points Posted on 17 October 2023
ITC may be reversed using subsequent month GSTR-3B
2 Reply
On 17 October 2023 at 16:51
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Profession
20 Points Posted on 17 October 2023
It can be easily reversed
1 Reply
On 17 October 2023 at 17:39

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