Due to Oversight We have Taken Excess ITC in GSTR - 3B for MAR 18 and it is also already Reflected in Electronic Credit Ledger.
ques:- how to reverse it?
Is This Mistake is Punishable ??? OR any Penalty / Interest will be Imposed on Us ???
Please give advice
10 Replies
CA Manish Jha
(115 Points)
Replied 11 August 2018
Reverse the itc with the interest @ 24% in next month GSTR 3b
Sourav manik Banerjee
(41 Points)
Replied 11 August 2018
what entries to be passed in the books. if any credit/debit note to be issued.
CA Manish Jha
(115 Points)
Replied 11 August 2018
Pls explain the scenario.. How you have taken excess credit and wat entry you passed for the same in books
Sourav manik Banerjee
(41 Points)
Replied 11 August 2018
one extra purchase voucher was included...due to which excess itc of rs.1,00,000 have taken and it is also already reflected in electronic credit ledger...now what to do?
Vinod Babu
(24191 Points)
Replied 12 August 2018
Less the excess credit with next month ITC and show it in 3B
subhagan sreerangam
(7054 Points)
Replied 23 September 2018
rectify the error in the current month GSTR 3B
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