ELECTRONIC CREDIT LEDGER-REG, Goods and Services Tax - GST

[Kusalava InternationalLimited]

Our Total Turnover is exempted, by mistake every month we are accumulating our input itc in electronic credit ledger with out reversing as per CGST Rule 42&43.Now in our books we transferred itc ledgers amount to expenditure. but how to reverse credit in electronic credit ledger to tally with our books.

Posts / Replies

[ANITA BHADRA]

In my view , accumulated itc can be adjusted by adding it to outward liability and the details need to be shown in GSTR 2 ( point 11 )

Since GSTR 2 is presently not to be filed , the detail should be provided in GSTR 3B

[Kusalava InternationalLimited]

we don't have any outward liability.

[Alkesh Jani]

Sir, you may reverse the said ITC at Table 4 (B) (1) of GSTR-3B.

Thanks

[YAGAY and SUN]

We endorse the view of our expert.

[DR.MARIAPPAN GOVINDARAJAN]

I also endorse the views of Shri Alkash Jain.

[Ganeshan Kalyani]

The input tax credit can be reversed thru GSTR 3B in table 4 (B) 1 or 2. The electronic credit will be debited by that amount. Thanks.