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Annual return itc reversal

CA PARUL KHATANA (Self practice at KHATANA & ASSOCIATES) (118 Points)

01 December 2020

How to show reversal of itc in annual return itself if no reversal made neither in 3B of 2018-19 nor of 2019-20?

thanks

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10 Replies

ayusmita (Tax consultant) (5885 Points)
Replied 01 December 2020

Make a excel of reversal of itc that you want to do in separate row n coloum in clear way regarding cgst sgst igst
now pay your drc03 pay the liability of your reverse itc with interest of 24 by choosing voluntary 73 (5) clearly mentioning for which year along with the attachment of the excel sheet you made
and after doing this it will reflect in table 13 of gstr 9

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CA PARUL KHATANA (Self practice at KHATANA & ASSOCIATES) (118 Points)
Replied 01 December 2020

Table 12 is for reversal

ayusmita (Tax consultant) (5885 Points)
Replied 01 December 2020

Sir you say you don't show in 3b that's the ans I give

CA PARUL KHATANA (Self practice at KHATANA & ASSOCIATES) (118 Points)
Replied 01 December 2020

But table 13 is for itc and table 12 for reversal... so table 12 should be taken as per my view

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 01 December 2020

Dear CA Parul
table 12 is for the ITC pertaining to current FY reversed in subsequent FY.

So report the reversal in Table 7(H) ,& deposit the same in cash ledger & set-off by filing DRC 03.

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ayusmita (Tax consultant) (5885 Points)
Replied 01 December 2020

But table 7 and table 9 are not for the reversal of data which are not shown in 3b

CA PARUL KHATANA (Self practice at KHATANA & ASSOCIATES) (118 Points)
Replied 02 December 2020

Table 7 does not seem to be appropriate sir... table 12 should be preferred

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 02 December 2020

@ ayusmita

yes table 7 is for reversal for already reported in gstr 3b ,but if you are going to file gstr 9c for the same then its better to report in table 7(h), not required to give any comment in gstr 9c or the best way is report net itc in table 6B (by reducing reversal) so as the Table 8a (gstr2a) get tally with Table 8b. (as 6b is get reflected in 8b)

@ CA parul

table 12 is for the reversal done in next fy, kindly read the instruction in term of notification 74/2018 CT