TaxTMI 
TaxTMI 
ITC ENTERED WRONGLY IN NIL RETURN
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....TC ENTERED WRONGLY IN NIL RETURN<br> Query (Issue) Started By: - Manali Sharma Dated:- 18-8-2019 Last Reply Date:- 3-9-2019 Goods and Services Tax - GST<br>Got 7 Replies<br>GST<br>I am filing NIL RETURN of a client since 2017-18 , but in the F.Y. 2019-20 in GSTR-3B I have TAKEN ITC instead of NIL RETURN. what is the treatment for this? Whether I will be liable to pay taxes? Reply By Ganeshan Kal....
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....yani: The Reply: Tax is payable on taxable supply. If you have any taxable supply then furnish the same and then take input tax credit. Further, pay net tax liability. Reply By Himansu Sekhar: The Reply: You can write to jurisdictional officer and reverse the same. Final correction will be in annual return Reply By KASTURI SETHI: The Reply: If your client deals in exempted outward supply onl....
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....y and there is no possibility of supply of outward taxable supply in near future, reverse the credit entry with out payment of interest. Credit reversed tantamounts to credit not taken, if not used. Reply By Ramesh Kothari: The Reply: You hv to pay the tax with interest Reply By Hasmukh Patel: The Reply: As per last High Court decision, if ITC is not utilized, then no require to pay interest ....
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....on it. Only reverce ITC. Reply By Ganeshan Kalyani: The Reply: Sir, please mention the name of the case law for easy reference of our readers. Reply By Himansu Sekhar: The Reply: Commercial steel engg corporation. case = 2019 (7) TMI 1452 - PATNA HIGH COURT. In this case the reversal of the credit in TRAN-1 was done. Hon'ble Court held that the ITC was not availed by the party by mere entr....
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....y in the TRAN-1<br> Discussion Forum - Knowledge Sharing ....