CBIC has clarified that taxpayers shall reconcile the cumalative ITC availed in GSTR 3B for the period Feb 20 to Aug 20 with ITC available in GSTR 2A till due date of GSTR 1 for the month of September, and reverse the excess credit in GSTR 3B of September | GST Circular No 142/2020

GST Circular No 142/2020

CBIC has clarified that taxpayers shall reconcile that cumalative ITC availed in GSTR 3B for the period Feb 20 to Aug 20 shall not exceed 110% of ITC available in GSTR 2A till due date of GSTR 1 for the month of September. And any credit claimed in excess of 110% of credit available shall be reversed in Table 4(B) GSTR 3B of September 2020

Any excess credit if not reversed will be traeted as availment of ineligible credit

IRIS GST

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