We have taken incorrect Input Tax Credit in the month of April 18. Now on our own we have identified the same.
1. How should we pay it – Through ITC reversal in GSTR 3B or by filing
2. Is is mandatory to file DRC 03 only for voluntary payment?
3. If we file DRC 03 how will it get reflected in GSTR 9 & GSTR 9C ?
Answer (My Opinion) . You should file DRC-03 to Reverse wrongly taken (Availed or utilized) input tax credit .
DRC 03 can be filed Voluntary or on receipt of show cause Notice from GST officer.
In GSTR9 and GSTR 9C you have to prepare reconciliation statement .
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