07 March 2018
One dealer was found claiming excess sgst ITC in tran1 than what was in his original return filed for 6/17.The dealer was asked to reverse the excess ITC with interest.How he could reverse the ITC as there was no facility today I.e neither in gstr1 or gstr3b.Is it suggested that the dealer to deposit the said excess ITC in tax and interest head.If he deposit,then there will be possibility for adjustment of said tax in subsequent tax period.Thus how he will reverse the excess ITC so availed?
CAclubindia
