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Reversal of igst

Akshay Garg (Indirect tax trainee) (457 Points)

05 September 2019

I have wrongly availed excess IGST credit in AUG 2017 GSTR3B.

I agree to reverse the same and the amount involved is huge.

How can the reversal be done

Gstr3B filed upto March 2019.

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5 Replies

sujith kumar dasa (banglore) (1496 Points)
Replied 05 September 2019

As per law, any rectifications to returns for FY 2017-18 can be rectified till Mar-19 return only. Since Mar-19 is already filed you cant rectify it through GSTR-3B. you can rectofy it only through GSTR-9, show excess availment in HSTR-9 and pay the amount through DRC-03. Interest @ 24% p.a. for excess availment needs to be paid if input is alrwady utilised. please nite if input is not yet utilised you can adjust payable against input in DRC-03

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Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 05 September 2019

Yes needs to pay by filing DRC 03 ,
(Interest can be paid later on)

1 Like

Akshay Jain (Tax Consultant) (1024 Points)
Replied 05 September 2019

yes after March there is no way to revert it through GSTR-3B, now have to reverse it DRC-03 With interest @ 24%

Akshay Garg (Indirect tax trainee) (457 Points)
Replied 06 September 2019

Dear Sir I agree with your views thanks. Only the point of interest rises in case of utilisation, is it so? Since I have not utilised the same and have sufficient credit ledger balance will this be liable to interest? The amended section 50 provides relief for interest payments in case of credit setoff.

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Akshay Garg (Indirect tax trainee) (457 Points)
Replied 06 September 2019

Thanks I just also want to know what should I select in form DRC03 whether reversal on voluntary basis or annual return. So that my GSTR9 & DRC03 doesnot differ.