ITC Reversal

ITC / Input 416 views 13 replies
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29 Points Joined June 2018
Input of IGST taken mistakenly in GSTR 3b of restaurant. How can it be reversed at GSTR3B
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On 23 October 2018 at 17:49 Report
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GST Practitioner
55067 Points Joined June 2017
Reverse it in your next 3b
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On 23 October 2018 at 18:27
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24196 Points Joined May 2018
you can reverse the wrongly taken ITC in next month 3B under table 4 (B) (2) ITC reversed others.in IGST column.
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On 23 October 2018 at 18:32
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29 Points Joined June 2018
in which head IGST CGST/SGSt
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On 23 October 2018 at 18:34
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24196 Points Joined May 2018
IGST column.....
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On 23 October 2018 at 18:36
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29 Points Joined June 2018
why in IGST.......
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On 23 October 2018 at 18:40
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Chartered Accountant
1693 Points Joined April 2014
any palenty n interest applicable??
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On 23 October 2018 at 19:22
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24196 Points Joined May 2018
you have reverse In IGST as per your query.
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On 23 October 2018 at 19:40
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GST Practitioner
55067 Points Joined June 2017
Yes as per secrion 50 CGST Act Interest is attract @ 24%
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On 24 October 2018 at 00:36
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29 Points Joined June 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.
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On 24 October 2018 at 09:35
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articled clerk
52 Points Joined September 2010

Please check once again .. interest rate 18 % or 24 % ???

 

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On 24 October 2018 at 10:04
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GST Practitioner
55067 Points Joined June 2017

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

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On 24 October 2018 at 15:06
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GST Practitioner
55067 Points Joined June 2017

YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED

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On 24 October 2018 at 15:25
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127 Points Joined November 2017
Originally posted by : Pankaj Rawat
YES ITS 24% AS PER SECTION 50(3) , IF UNDUE OR EXCESS ITC BEING CLAIMED

Pls clarify below doubt

I have to take almost 11k ITC for last year which I didnt claim 

Among which I've to reverse 2k for exempt supplies. 
Another 2k for excess ITC Claimed. still 7k to be claimed so whether have to pay any interest??

Should i show 11k in ITC head or 7k after reducing the reverse. 

Thanks in advance

 
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On 24 October 2018 at 23:17


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