When does excess amount of GSTR3B corrected in GSTR1 gets credited
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Question – While submitting GSTR 3B for the month of Sep-17 and Oct-17 I have wrongly mentioned the GST rate as 18% instead of 12% and paid excess tax i.e. at 18%.
I have now submitted GSTR 1 for Sep-17 and Oct-17 with 12% which is the correct rate.
The difference of 6% amounts to Rs 69,000/- which can be considered as eligible ITC which can be claimed back.
My question is when this Rs 69,000/- will be reflected in my credit or cash ledger?
Answer – Ideally, the amount shall be credited back once the complete return cycle is completed, i.e. GSTR1, GSTR2, and GSTR3 all return are filed. But as now there is no announcement regarding GSTR2 and GSTR3, the government might credit it at any date after the processing is done.
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Thanks alot for your rwply.
Much relief.
Thanks one again.
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