in the last month, gst department issued a notice regarding excess claim of ITC. and after reconciliation it is found that some bills were mistakenly claimed twice. so in the return of October in order to set off those excess claim we proceeded to reverse the ITC of IGST but in the credit ledger we don't have that much IGST. So how shall we proceed?
Menu
Reversal of ITC
Replies (2)
Show the Excess claimed under Other ITC Reversals.......... and Interest also shown under Interest and late fees.(from the period you take credit to till date of return .18% p.a. )
No issue if there is no other credit the site will auto compute this with the current month Liability to make the payment. ( add with Output tax liability).Make payment and keep this Reconciliation for future assessment and records.
You can pay such amount in cash via Challan
Recent Topic
- Can i should STCG and LTCG as business income ?
- Capital contribution in Firm
- Form 3CD – Clause 20(b) | ESI Contribution &
- Capital Gains on Dissolution of Partnership
- GST Payment through DRC-03 by cash against notice
- Schedule EI for ITR1
- INCOME TAX DEPARTMENT: DOUBLE STANDARDS
- ITR-4,under presumptive Taxation
- TDS data mismatch with SFT
- Resale of under construction Residential Flat part
Related Topics
CAclubindia
