ITC Reversal
ANAMIKA GULATI (29 Points)
23 October 2018
Input of IGST taken mistakenly in GSTR 3b of restaurant. How can it be reversed at GSTR3B
13 Replies
Vinod Babu
(24196 Points)
Replied 23 October 2018
you can reverse the wrongly taken ITC in next month 3B under table 4 (B) (2) ITC reversed others.in IGST column.
Vishal Goel
(Chartered Accountant)
(1693 Points)
Replied 23 October 2018
any palenty n interest applicable??
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 24 October 2018
Yes as per secrion 50 CGST Act Interest is attract @ 24%
ANAMIKA GULATI
(29 Points)
Replied 24 October 2018
I want to know whether it depends on utilisation of IGST. For IGST credit first utilised for CGST payment and then for SGST payment.
umamaheshwaran
(articled clerk)
(52 Points)
Replied 24 October 2018
Please check once again .. interest rate 18 % or 24 % ???
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 24 October 2018
NO ITS NOT DUE TO SETTING OFF ITC, CREDIT IS BLOCK UNDER SECTION 17(5) ON FOOD & YOU HAVE CLAIM THE ITC FOR WHICH YOU ARE NOT ELIGIBLE.
IGST CREDIT WILL FIRST SETOFF AGAINST IGST OUTPUT ->THEN BY CGST OUTPUT-> THEN BY SGST OUTPUT
FOR DETAIL IN THIS REGARD REFER SECTION 49 OF CGST ACT
Pankaj Rawat
(GST Practitioner)
(55057 Points)
Replied 24 October 2018
YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED
Ramachandran R
(122 Points)
Replied 24 October 2018
| Originally posted by : Pankaj Rawat | ||
 |
YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED |  |
|
Pls clarify below doubt Should i show 11k in ITC head or 7k after reducing the reverse. Thanks in advance
|
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