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Excess ITC claim

19 April 2020

Dear Sir, in the month of February due to clerical mistake We have claim ITC RS.137000 instead of 13700. in March we don't have any purchase no ITC so please Suggest how to reverse excess ITC

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7 Replies

Shivam RC (Student) (23683 Points)
Replied 19 April 2020

ITC to the extent excess claimed needs to be REVERSED in your March month's GSTR-3B Return along with Interest @ 24% p.a. under Section 50(2) of the CGST Act 2017. The ITC should be calculated by the taxpayer himself and filled up in Table 4B of FORM GSTR-3B.

NOTE : Although the dates have been extended to file FORM GSTR-3B to the end of June, but Sir kindly ensure it to file within the actual due date since the Interest portion ( @ 24% ) will be keep on accumulating.

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Naveen Kumar (629 Points)
Replied 19 April 2020

Sir, but we don't have any ITC in March. So how I can reverse in 3B

Prakash Maharshi (41 Points)
Replied 19 April 2020

Your are enter excess itc on 3b table no. 4 (b) (I)

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 20 April 2020

show as OUTPUT TAX LIABILITY and pat tax with interest

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Naveen Kumar (629 Points)
Replied 20 April 2020

Thank you very much Sir Naveen chand

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Shivam RC (Student) (23683 Points)
Replied 20 April 2020

@ Naveen Kumar Sir,

Even if you do not have any ITC in the month of March 2020, you can reverse it by showing it as OUTPUT TAX LIABILITY and the details should be given in Table 4B.

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