03 May 2023
I have filed GST Return in form GSTR 3B and GSTR 1 Quarterly. My all outward supplies/ Sales were B2Cs only for all 3 quarters are say Rs. 50 Lacs. Same I have mentioned in outward supplies in GSTR3B timely. Now in Last quarter the sale returns of Rs. 15 Lacs out of earlier sales and the turnover of my last quarter is Only Rs. 5 lacs. Now my query is how to avail the ITC wrongly utilized for Rs. 10 Lacs (15 Lacs – 5 Lacs) sales of earlier period in last quarter in GSTR 3B?
03 May 2023
In the event that the value of credit notes becomes higher than the sum of invoices and debit notes put together, the net ITC would become negative, and the taxpayers would be allowed to report negative values in Table 4A. Also, taxpayers can now enter negative values in Table 4D(2) of GSTR-3B.
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