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ITC CLAIM IN WRONG HEAD

munish gupta (20 Points)

26 July 2019

by mistake the input of CGST & SGST taken in IGST

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Sai Prabhu Narayanan (Articled assitant ) (161 Points)
Replied 26 July 2019

I Think We must reverse the ITC claimed and Then claim Correct ITC in 3b , Do suggest if there is any other way to do this

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munish gupta (20 Points)
Replied 26 July 2019

i think same but there are no itc available at present

Sai Prabhu Narayanan (Articled assitant ) (161 Points)
Replied 26 July 2019

For eg Assume you have claimed Rs100 as IGST ITC in last month and now you want to rectify it you need to Reverse the itc by way of paying the amount of itc claimed (i.e Rs 100) with 18% interest and pay it in DRC-03 only through cash ledger balance ,and the claim correct itc in 3b , During annual return of the respective year mention this as ITC reversed

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munish gupta (20 Points)
Replied 26 July 2019

thank you sir...

Jishad T (GSTP) (289 Points)
Replied 26 July 2019

PRABU NARAYANAN SIR,

can we adjust in next month 3b as

IGST amount as ITC REVERSED in TABLE 4(b) and take actual in sgst & cgst

Details

Amount

Integrated Tax

Central Tax

State/ UT Tax

Cess

(A) ITC Available (whether in full or part)

(1) Import of goods

(2) Import of services

(3) Inward supplies liable to reverse charge (other than 1 & 2 above)

(4) Inward supplies from ISD

(5) All other ITC

50.00

Total

(B) ITC Reversed

(1) As per rules 42 & 43 of CGST Rules

(2) Others

100.00

-100.00

50.00

(D) Ineligible ITC

(1) As per section 17(5)

(2) Others

DRC 03 REVERSAL OR THIS METHOD IS CORRECT??

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Sai Prabhu Narayanan (Articled assitant ) (161 Points)
Replied 26 July 2019

you have to pay the amount (i.e Rs 100) With 18% interest in form DRC-03 ,and then you should mention in this Table only the net amount of ITC reversed (i.e rs 100 )must be mentioned. kindly do not mention the interest which you paid .

Jishad T (GSTP) (289 Points)
Replied 26 July 2019

Originally posted by : Sai Prabhu Narayanan
	you have to pay the amount (i.e Rs 100) With 18% interest in form DRC-03 ,and then you should mention in this Table only the net amount of ITC reversed (i.e rs 100 )must be mentioned. kindly do not mention the interest which you paid .