Wrongly utilised itc how to reverse

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.

Replies (4)
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.

I can't understand your query...

Why you can't utilise ITC...???
What are the income/business by You...???

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

ITC may be reversed using subsequent month GSTR-3B
It can be easily reversed

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register