ITC utilisation

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ITC utilisation
Query (Issue) Started By: - Madhavan iyengar Dated:- 20-6-2019 Last Reply Date:- 20-6-2019 Goods and Services Tax - GST
Got 1 Reply
GST
while compiling data for filing GSTR-9 a) if we have noticed any ITC credit wrongly taken can we reverse the ITC in May 19 or June 19 3B or later also or this ITC is required to be paid in cash suppose during audit also some reversals .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... have to be done then can it not be done thru balance ITC available in electronic ledger b) In case any additional liability arises on account of outward supplies can it be discharged through ITC or it has to be paid in cash Fundamental issue: In GSTR-9 form they have specified that we have to pay cash to clear liability but is there no provision in act since ITC is a inherent right to discharg .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e GST liability the GST liability can be discharged thru ITC or ITC and balance thru cash where ITC is not sufficient Govt gets the tax on output liability so why they are insisting for cash payment readers kindly enlighten Reply By KASTURI SETHI: The Reply: Dear Sh.Madhavan Iyengar Ji, There is a logical force in your argument. ITC should be allowed to be paid through Electronic Credit Ledge .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... r instead of cash through Form DRC-03, especially, in view of having sufficient balance of ITC in the assessee's account but as per Notification No.74/18-CT dated 31.12.18 (serial no.9 above Table No.17) it is mandatory to pay additional liability in cash via Form DRC-03.
Discussion Forum - Knowledge Sharing .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X