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Urgent GST query
We deal in exempted goods but on some inputs we're charged GST. The ITC hasn't reversed since GST implementation. What to do now? Shall we reverse the entire ITC at once or on monthly basis?
Replies (2)
Hi
If you have not reversed ITC from July 2017 to February 2018, then calculate the total reversal for those 8 months and reverse it when filing return for the month of March 2018.
Also refer rule 42 of CGST Rules, 2017 for calculation of the same
Thank You
Thanks....Then the entire ITC will be reversed at once
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