In sep. 2017 i have taken excess credit of 110000 in cgst and sgst.
Can i reverce it through filing of DRC - 03.
10 Replies
Sanitta joy
(23 Points)
Replied 04 November 2018
whether DRC 03 available online?
DRC 03 is mandatory for reverse ITC.
DRC 03 is mandatory for reverse ITC.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 04 November 2018
No you can also reveres the ITC in GSTR3b,
yes its option available can also reverse ITC by filing DRC 03
yes its option available can also reverse ITC by filing DRC 03
robin garg
(ipcc)
(275 Points)
Replied 04 November 2018
Adjust it in gstr 3b, drc 3 is for making payment against notice u/s 73 or 74 not for reversal of credit
gupta gopavarapu
(109 Points)
Replied 04 November 2018
As per section 73(1)
Where ITC has been wrongly availed or Utilized for any reason other than the reason of fraud.
As per section - 73(5)
Before serving of notice by department you can pay tax along with interest @ 24%pa as per section-50(3) using above said DRC-03 Facility and also need to inform the proper officer in writing of such payment.
If this is the entity having Refund - u advised not to reverse in GSTR-3B because it will reduce eligible ITC of month ur going to reverse and again u cant claim refund of above 1,10,000.
Where ITC has been wrongly availed or Utilized for any reason other than the reason of fraud.
As per section - 73(5)
Before serving of notice by department you can pay tax along with interest @ 24%pa as per section-50(3) using above said DRC-03 Facility and also need to inform the proper officer in writing of such payment.
If this is the entity having Refund - u advised not to reverse in GSTR-3B because it will reduce eligible ITC of month ur going to reverse and again u cant claim refund of above 1,10,000.
rajesh jha
(64 Points)
Replied 04 November 2018
Every month i have excess itc on gst portal (More than 1.5 lakh) and today my total itc on gst portal is 313700.
When i reverce my itc through DRC 03 then i have to laible to pay interest if i am not utilising the itc which i have wrongly claim.
When i reverce my itc through DRC 03 then i have to laible to pay interest if i am not utilising the itc which i have wrongly claim.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 05 November 2018
@ Gupta Golavarapu
if the Taxpayer has wrongly claimed the ITC which is being reflected in his credit ledger then why cant he reverse the same in 3b.
Even thoufh a circular was issued in regard to reversal of inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B. (Circular no.58/32/2018) , so i think it can be reverse in 3b also , but... as 3b is interim form & ultimately in future option for such reversal will be made by DRC 03 only but as of now you can also reverse the same under 3b
if the Taxpayer has wrongly claimed the ITC which is being reflected in his credit ledger then why cant he reverse the same in 3b.
Even thoufh a circular was issued in regard to reversal of inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B. (Circular no.58/32/2018) , so i think it can be reverse in 3b also , but... as 3b is interim form & ultimately in future option for such reversal will be made by DRC 03 only but as of now you can also reverse the same under 3b
rajesh jha
(64 Points)
Replied 05 November 2018
I m not able to reverce credit through gstr 3b because my purchase itc is only 10,000 to 15000 per month
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 05 November 2018
In 3B show it under Table 4 Row B(2 ) Reverse ITC (others) as suggested in above said circular
And
Interest on same can shown Under Table 5.1
And
Interest on same can shown Under Table 5.1
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