Due to Oversight We have Taken Excess ITC in GSTR - 3B for DEC and it is also already Reflected in Electronic Credit Ledger...
But We Could Not Utilized the Said Excess ITC which is lying as same amount..----
Now We are going to Reverse the said Excess ITC Amount in FEB -GSTR-3B ---
Question: This Mistake is Punishable ??? OR any Penalty / Interest will be Imposed on Us ???
Please give advice
| Originally posted by : UMESH | ||
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can we reverse excess input in next GSTR3B? |  |
First of Why CBEC introdused GSTR 3B?
Bcoz, GSTR 2 and 3 is not ready. GSTR 3 is way of collectng Taxes in GST. But, GSTR 3 is not ready and CBEC/GSTN will receive revenue from Taxpayers from the way of GSTR 3B also they indented GSTR 3B is a Interim Return not a Main Return...
So, What I says here...
Once GSTR 2 and 3 is in force then GSTR 3B is no more in the field of GST...
In your 2nd Query...
GSTR 1 and GSTR 2 is not a Payment return. GSTR 3 is the final return also its based on GSTR 1 and 2. After its coming then Credit Ledger or Cash Ledger or EC Ledger will based on GSTR 1, 2 and 3. So, File Your GSTR 1 is Correctly....
In case GSTR 2 is available then file it Correctly....
I have taken wrong credit of RCM IGST in April 2018, & Utilised, Now i want to reverse it In which column of 3b i should reverse it . Please reply ...or through payment of RCM IGST Colom or Regular IGST
Sir/Mam,
I have taken excess ITC for IGST in the month of May18 GSTR 3B. So can i reversed that excess input without paying any interest or penalty, in next month GSTR 3B?
CAclubindia
