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Question ID : 40492

REVERSAL OF TRANS 1 CREDIT

CAN WE SHOW REVERSAL OF TRANS 1 CREDIT WHICH I HAVE CLAIMED IN F.Y. 2017-18 NOW AT THE TIME OF FILING ANNUAL RETURN TILL DATE I HAVE NOT REVERSED THAT TRANS 1 CREDIT. THANKING YOU

Posted by BIKASH KUMAR on Dec 02, 2019

Filed Under INDIRECT TAXES

Answer ID : 80286

You can reverse such credit through DRC-03. A circular dated 03.07.2019 in this regard stated that reversal cannot be done in GSTR-9. So you need not show reversal in GSTR-9 but when a difference arises in GSTR-9C the same can be explained as reversed through DRC-03.

Posted by CA. SHILPI KATARIYA on Dec 05, 2019