Goods Lost during the transit

[X Y]

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.

[KASTURI SETHI]

See reply against Issue ID no. 116244 dated 28.4.2020.

[YAGAY andSUN]

In addition to above reply, statutory interest would also be paid.

AI Summary

Taxpayer Must Reverse Excess GST ITC Claimed; Options Include GSTR-3B or DRC-03 with Statutory Interest Payment Required. A taxpayer claimed GST input tax credit (ITC) based on an invoice in GSTR-3B, but not all goods were received. The taxpayer received a credit note excluding GST and seeks guidance on reversing the GST ITC already claimed. The options are to reverse the ITC through GSTR-3B or repay the excess ITC via DRC-03. One response referred to a previous issue for guidance, while another added that statutory interest must be paid on the excess ITC.