One of my client claimed ITC Wrongly in january 19 want to revert now
he had claimed 116000 in IGST But actual it is 16000 now the ITC was set of in CGST Now want to revert so whether it will set of from CGST Which is in credit ledger in portal
7 Replies
Shishir Baranwal
(14 Points)
Replied 16 February 2020
If excess ITC claimed was IGST then tax implication would also be of IGST irrespective of being set off against CGST. The same should be corrected in annual return of 2018-19.
ARS BHARATHI
(Executive in gst department)
(274 Points)
Replied 16 February 2020
Use drc-03 option and debit from the credit ledger and pay interest at 18% per annum from the date following the due date for January 2019 till the date of reversal and correct in annual return for 2018-19 as reversed in the financial year 2019-20
Anshuman Basu
(account -GST)
(1556 Points)
Replied 16 February 2020
U shoud rectify in annual return 18-19
manoj
(student)
(5205 Points)
Replied 16 February 2020
if now i will pay whether I have to pay IGST or will revert set of from CGST which is available in credit ledger
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 17 February 2020
Pay the IGST with Interest through DRC-03 form with filing of annual return.
ARS BHARATHI
(Executive in gst department)
(274 Points)
Replied 17 February 2020
Please go through my earlier posting. You have to debit only the excess availed igst itc i.e 116000-16000, along with interest at 18% per annum
manoj
(student)
(5205 Points)
Replied 17 February 2020
| Originally posted by : ARS BHARATHI | ||
 |
Please go through my earlier posting. You have to debit only the excess availed igst itc i.e 116000-16000, along with interest at 18% per annum |  |
BUT THAT TIME GST WAS NOT PAYABLE EVEN NOT TODAY HE HAS EXCESS CGST UPTO 277000
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