TaxTMI 
TaxTMI 
TaxTMI 
The taxpayer has taken GST ITC as per Invoice in respective GSTR-3B. But some goods out of the total invoice were not received. Now the taxpayer has received credit note exclusive of GST. How to reverse GST input credit already taken. Whether to reverse to GST ITC thro' GSTR-3B or pay the excess(wrongly) taken ITC thro' DRC-03.
Goods Lost during the transit
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Reversal of Input Tax Credit: follow prior guidance for adjustment where goods not received; statutory interest must be paid. Taxpayer claimed Input Tax Credit in GSTR-3B though some invoiced goods were not received and a credit note excluding tax was issued. The guidance directs following an earlier authoritative reply for the appropriate reversal mechanism and additionally requires payment of statutory interest on the wrongly availed credit. (AI Summary)
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