input credit

[shobiraj t]

sir,

sub: Request your kind advice - input credit availed (Trading of Goods)

we have availed input credit on motorbike (activa) during the year 2019-20, which is used for bank purpose and delivery of goods, but it is found that input credit is not allowed as stated by our consultant, kindly suggest the remedies

a) whether to refund the amount by submitting DRC 3 or we have a untilsed credit balance in our credit ledger , it is possible to reverse the claim in june 2020 GSTR-3B with interest

b) sir, whether it is possibe to claim input credit if we convert the private vehicle into commercial vehicle,

c) is it possible to reverse filed GSTR-3B of Jan 2020

kindly reply

[KASTURI SETHI]

Query-wise reply is as under :-

1. Yes. You can reverse through GSTR 3 B for June, 20. Interest will be paid in cash. For reversal, read Table No.4 Column No.(B) ITC Reversed (2) Others . Reverse against 'Others'.

2. NO.

3. NO.

[Alkesh Jani]

Shri.

I agree with the precise and perfect answer of Shri Kasturiji Sir.

[Ganeshan Kalyani]

I also agree with the reply of Sri Kasturi Sir.

[DR.MARIAPPAN GOVINDARAJAN]

I also endorse the views of Kasthuriji.

[ishan goel]

Hi Sir

Can i claim gst on cycle

AI Summary

Input tax credit reversal required via GSTR-3B; interest payable in cash and conversion won't validate credit. Input tax credit wrongly claimed on a private vehicle must be reversed in the liability return by recording the amount under ITC Reversed (Others) in GSTR 3B for the relevant period, with interest paid in cash. Converting the vehicle to commercial use does not validate past claims, and previously filed returns cannot be revised to regularize such ITC; reversal in a subsequent return is the appropriate remedy.