14 October 2020
Suppose input available for the month of Sep is Rs.30000 and input to be reversed for the period APr-Aug2020 is Rs.35000 then how this negative 5000 would be shown in return?
15 October 2020
You can show ITC utilised more than the ITC availed. There is no issue.Opening balance is in your ITC ledger,it will reduce 5000 from there.
19 October 2020
Sir please read my query again i am asking about ITC reversal...the problem is itc reversal for the period Apr-Aug is more than ITC to be availed for the month of Sep...so what to do of extra amount to be reversed?
19 October 2020
You can reverse in this month to the extent of available ITC balance.Balance reversal you can do in the month 3B return when you will take fresh ITC in October/November.
CAclubindia
