Hello Experts,
We have take excess input in Mar'21 GSTR 3B return.
How this needs to be rectified? In Annual Return of FY20-21 OR in the next GSTR 3B?
What are the rules related to this?
Thank you
7 Replies
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13797 Points)
Replied 19 July 2021
Excess input should be shown as input reversal column in next month's 3B. ITC can neither be claimed nor can be reversed in annual return. In case you miss out on reversal in 3b you can do so through DRC-03 as well.
CA Altamush Zafar
(GST Consultant)
(15983 Points)
Replied 19 July 2021
Best method for you right now will be to reverse such itc through DRC-03.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 19 July 2021
Either you can report the excess ITC in annual return or reverse the excess ITC through DRC 03
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 19 July 2021
There are 2 way out to reverse the excess ITC claimed:
1. Reverse it in your Subsequent GStR 3B (which can be declared in annual return)
2. Or File DRC 03 & Setoff from credit or cash ledger.
Note : In my view as ITC excess claimed is pertaining to march (previous Fy ) So should reverse by Filing DRC 03 , because if you reverse it by reporting in subsequent return you need to prepare Reconciliation Statement for Both the Year.
1. Reverse it in your Subsequent GStR 3B (which can be declared in annual return)
2. Or File DRC 03 & Setoff from credit or cash ledger.
Note : In my view as ITC excess claimed is pertaining to march (previous Fy ) So should reverse by Filing DRC 03 , because if you reverse it by reporting in subsequent return you need to prepare Reconciliation Statement for Both the Year.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 20 July 2021
You can do in both ways i.e.
1. Either Reverse it in next month GSTR-3B
2. Or Reverse it by submitting DRC-03.
1. Either Reverse it in next month GSTR-3B
2. Or Reverse it by submitting DRC-03.
Imthias ahamed Kormath
(910 Points)
Replied 20 July 2021
To communicate with assessing officer,he will issue an intimation ,u may use DRC 3,and blocked in next 3B.
No Reverse methods in GST.
But u may make an arrangements in 3 B March 2021(for the period from April to Sept and October to March till September 2022 on the invoice validity periods.
No Reverse methods in GST.
But u may make an arrangements in 3 B March 2021(for the period from April to Sept and October to March till September 2022 on the invoice validity periods.
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