Reversal of ITC in GSTR 9

[Vinod Maheswari]

Dear Sir

In FY 2017-18 I have wrongly taken ITC which is duly reversed in GSTR-3B of FY 2018-19.

So please tell me the way i have to show this in GSTR-9 (Annual Return). if i reversed the amount in GSTR-9 of FY 2017-18 than i have to make the payment through DRC-3. As i have already adjusted this Excess ITC in my GSTR-3B of FY 18 19 then any payment regarding this reversal will impact double reversal (I.e Ist in GSTR-9 of FY 2017-18 and 2nd in GSTR-3B of FY 18 19).

Thanx

AI Summary

Reversal of Input Tax Credit requires cash payment of excess ITC with interest and appropriate annual return disclosure.
Excess input tax credit taken in one year and later reduced in subsequent GSTR-3B is treated as an unlawful excess that must be discharged in cash with interest; offsetting via the electronic credit ledger is not permitted for this cash payment. Annual returns must disclose amounts paid for such excess liabilities in the relevant liability disclosure table, and taxpayers who consider they have paid twice may seek refund or re-credit through prescribed mechanisms.