17 December 2019
Taxpayer had sales return in FY 2017-18 on which outward tax liab should be reversed. But instead of reversel of output liabilities, assessee claimed it as ITC in GSTR -3B. Now in annual return in which table it should be reversed. Please suggest the tratment of this in annual return GSTR 9 and table no. For reversal
17 December 2019
You need to prepare DRC-03 online by logging in to GST portal and pay the liability of ITC reversal with interest upto date @ 24% per annum. The nature of payment in DRC-03 should be selected as “Voluntarily – 73(5)”. Do not forget to mention clearly in DRC-03 that liability has been paid for ITC reversal for a particular financial year. The details made in tabular sheet should be attached with DRC-03. The DRC-03 should be filed with digital signature or EVC
Now amount of reversal of ITC through DRC-03 should be reflected at Table 13 of GSTR-9 (Annual Return)
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