Accountantjee

In this article we will understand the ITC Reversal rule pertaining to GSTR-3B.  Navigation-- Login-- Gstr3B-- 4. Eligible ITC section-- B. ITC Reversed-- (1) & (2) From the format of Table 4, following is noteworthy: I.                   All non-reclaimable reversal of ITC needs to be reported in table 4(B)(1) II.                 All reclaimable ITC reversals may be reported in table 4(B)(2). It should be noted that ITC reversed under 4(B)(2) can be reclaimed in table 4(A)(5) at appropriate time and the break-up detail of such reclaimed ITC should be provided in 4(D)(1) in the same return. III.               The ITC not-available mentioned in GSTR-2B of the taxpayer has to be reported in 4(D)(2) of table 4. IV.             ...