INPUT TAX EXCESS IN CREDIT LEDGER
Samrat Karar (110 Points)
09 July 2020please suggest.
Samrat Karar (110 Points)
09 July 2020
Geetha Jayagopi
(4 Points)
Replied 09 July 2020
RAJA P M
("Do the Right Thing...!!!")
(127962 Points)
Replied 09 July 2020
Samrat Karar
(110 Points)
Replied 09 July 2020
chethan data
(298 Points)
Replied 09 July 2020
CA Shubhi Khandelwal
(Chartered Accountant)
(2246 Points)
Replied 09 July 2020
It is better to reverse the excess ITC Claimed at the time of filing subsequent GSTR-3B only
Samrat Karar
(110 Points)
Replied 09 July 2020
CA Shubhi Khandelwal
(Chartered Accountant)
(2246 Points)
Replied 09 July 2020
Yes it is required to reverse the ITC in the returns to filed.
CA Shubhi Khandelwal
(Chartered Accountant)
(2246 Points)
Replied 09 July 2020
YES, it is best to reverse
Samrat Karar
(110 Points)
Replied 09 July 2020
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 09 July 2020
If the sale is in relation to export of goods/services then credit on taxable purchases is eligible, and refund can be applied for the same.
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