Excess input reverse through drc-03 or gstr-3b
This query is : Resolved
30 May 2021
dear sir,
i have taken excess input in gstr-3b of 20202021 and know i want to reverse this amount
please advice can i pay this amount through drc-03 as if i reverse this amount in 20212022 again differance will show in current year
with thanks
i have taken excess input in gstr-3b of 20202021 and know i want to reverse this amount
please advice can i pay this amount through drc-03 as if i reverse this amount in 20212022 again differance will show in current year
with thanks
30 May 2021
Reverse it in GSTR 3b in current year that is the right way. In the annual return it's taken to last year.
30 May 2021
respected sir, if i reverse in 21-22 itc mismatch will not occur?is drc-03 is not correct?
with thanks
with thanks
30 May 2021
Mismatch will not be there. DRC03 is not correct.
31 May 2021
If ITC belongs to previous year and in books entries are correct reverse ITC through DRC-03. If the excess ITC belongs to current year adjust it in the next month's GSTR-3B
31 May 2021
Reversal allowed upto September next year. Guide properly.
31 May 2021
Reversal allowed for life. Department won't say that now the time limit has passed you shouldn't reverse.
Reversing through Drc-03 is recommended in year change because the difference between books and returns will remain in one year only. Rectifying through gstr-3b will impact both year's reconciliation.
Impact is same but with less reconciliation.
Reversing through Drc-03 is recommended in year change because the difference between books and returns will remain in one year only. Rectifying through gstr-3b will impact both year's reconciliation.
Impact is same but with less reconciliation.
31 May 2021
Agree with Seetharaman.
On the contrary, if someone misses to avail ITC during the year, there is a time limit up to Sep to avail ITC in which case reconciliation is anyway a necessity.
On the contrary, if someone misses to avail ITC during the year, there is a time limit up to Sep to avail ITC in which case reconciliation is anyway a necessity.
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