TRAN1 ITC REVERSAL

[Kusalava InternationalLimited]

I want to know what is the amount to be entered in Tran1 Table 5c 'ITC reversal relatable to C-Forms & F-Forms' and Transition ITC.

AI Summary

Company Seeks Guidance on Correct ITC Reversal Entry Under GST Section Tran1 Table 5c for C-Forms, F-Forms A company inquired about the correct amount to enter in Tran1 Table 5c for ITC reversal related to C-Forms and F-Forms under GST. A respondent advised entering the differential tax amount for pending forms, which should be adjusted against available ITC credit. Another expert added that if tax liability exceeds VAT credit as of June 30, 2017, the transition ITC should be zero, not negative. The company acknowledged the advice but noted an issue with entering zero in the Transition ITC field, as it was not being accepted.