ITC REVERSAL FOR EXEMPTED GOODS
This query is : Resolved
20 February 2024
One of my Clients selling exempted goods under GST. for the past 6 months we forget to reverse the ITC. Now we want to know how to reverse ITC? Please Guide
20 February 2024
You can Reverse the Same in Subsequent Month GSTR 3B or you can file DRC-03 and reverse the amount
20 February 2024
Thanks for your reply. If I try to file subsequent month GSTR-3B. It shows Negative Balance in Net ITC Column.
20 February 2024
Yes, for that you can keep a Reconciliation for that Particular Month GSTR 3B and if you dont want to show Negative ITC then you file DRC-03 as stated earlier
20 February 2024
Ok Sir. Thank You very much.
01 March 2024
Sir, This is the continuation of our earlier discussion about Reversal of ITC of exempted goods. Please guide me to reverse the ITC through DRC 03. Which "cause of payment" should i select under DRC O3?
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