If car purchased for business use by A.Ltd Rs. 2500000+18% GST in December 2020 and it is auto populated in the GSTR 2A of December 2020, ITC ineligible and it is shown in the GSTR 3B ineligible itc coloumn " ineligible itc as per section 17(5)" in GSTR 3B of December 2020, itc is not claimed by the receipent and next month January 2021 A Ltd returned to Mr. B(supplier ) and supplier issued credit note to receipent and it is auto populated in the GSTR 2A of January 2021
1. The receipent is required to reverse the ITC?
2.If same is note reported in Ineligible ITC coloumn in the December 2020 month GSTR 3B, the receipent is required to reverse the ITC?
3.If not reported in the GSTR 3B what is consequences?
CAclubindia
