Itc wrongly taken twice but not utilised
This query is : Resolved
25 January 2018
Dear Sir,
I filled TRANS-1 in Nov-17 where there was a service tax input credit approx 20 mln and at the same time while filing GSTR 3B for the Nov-17 i reported the same amount as ITC considering the credit for that month under GST but after some time when i refer the availavable credit on GSTN portal i came to know that there is double credit even though we have not actually utilised the credit twice.
now i understand that i shouldn't have reported this credit under 3B, so please help me how to correct this mistake.
Regards
JAI Prakash
I filled TRANS-1 in Nov-17 where there was a service tax input credit approx 20 mln and at the same time while filing GSTR 3B for the Nov-17 i reported the same amount as ITC considering the credit for that month under GST but after some time when i refer the availavable credit on GSTN portal i came to know that there is double credit even though we have not actually utilised the credit twice.
now i understand that i shouldn't have reported this credit under 3B, so please help me how to correct this mistake.
Regards
JAI Prakash
25 January 2018
If you can edit, you can reverse the credit or reverse the same in the next month 3B.
26 January 2018
Thank you very much sir for the reply, but the problem is that if I go reversal they ask for payment either by cash or by itc , how to resolve this or any other way ?
27 January 2018
It is not possible. TRAN 1 credit reversal cannot be paid by cash or adjust in ITC.
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