25 June 2019
Sir In July-2017, ITC was shown more by error in GSTR3B say Rs.10000, Please remember (Shown more, not ustilised as set-off). This part of ITC was never used as set-off, also it was not reversed. Monthly GST payable every month was paid (without touching the excess ITC of July-17, Rs.10000). Electronic Ledger balance always showed credit balance of this ITC Rs.10000, as it was never used as set-off. Electronic ledger balance is same Rs.10000 on 31-3-18 & 31-3-19. In May-2019 this is reversed now, now electronic ledger balance is Zero. No GST is payable. Q1. What should we do now in GSTR9 – annual return? Q2. Was it correct to reverse ITC now in May-19? What should we do now about this? There was no GST Liability at any point, there is no GST liability now. Q3. As this ITC 10000/= is reversed now, shall we reverse it again in annual return of 2017-18. In that case what about reversal made in May-19.
CAclubindia
