TaxTMI 
TaxTMI 
TaxTMI 
Wrongly Reverse ITC
X X X X Extracts X X X X
X X X X Extracts X X X X
....rongly Reverse ITC<br> Query (Issue) Started By: - Uttam Giri Dated:- 11-2-2025 Last Reply Date:- 13-2-2025 Goods and Services Tax - GST<br>Got 5 Replies<br>GST<br>In GSTR 3B Wrongly Reverse ITC in Table 4(b)(1) in place of 4(b)(2). Now GST department sens a notice. So what is implications for wrongly filling GSTR 3B? Reply By KALLESHAMURTHY MURTHY: The Reply: Sir, If the department insists on ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....reversal due to ineligible ITC availed, you are required to reverse it. But not required to pay interest since ITC is already with the department. You can apply for a refund for entries in the wrong col. subject to other conditions and restrictions. As per recent changes, Col. 4(B)(1) is for ITC not liable to reclaim. Reply By Shilpi Jain: The Reply: Need further details on this. What is the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....period when this reversal was done. Why was it to be done as a temporary reversal, goods not recieved or anything else? What does the dept notice state? Reply By Shilpi Jain: The Reply: Anyway note that the disclosure requirements are mentioned in a circular and not stipulated in the rules. Reply By Uttam Giri: The Reply: Dear Madam, Already filled GSTR Annual return also, we are reversed ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the ITC permanently instead of temporarily reversed table. And same we reclaimed on subsequent months when it is realised in our books of accounts. So, GSTR department says after showing in table 4(b)(1), you can not reclaimed.Now what will be the penalty and the implications? Reply By KALLESHAMURTHY MURTHY: The Reply: Sir, The Assessing Authority or the Adjudication Authority should have det....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ermined the liability to reversal of ITC to be reported in Table 4(B)(1) with the documents and books of accounts. Just because of entries in the wrong col., it cannot be treated as such. It is a human error and is liable to a refund. In respect of the actual liability to be reported in actual col. (but not reported because of wrong entries), the AA may demand the reversal of ITC with applicable i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nterest and penalty. However, as the amount has already been deposited, interest & penalty may not be payable.<br> Discussion Forum - Knowledge Sharing ....