Under Rule 42(2)(a) of the CGST Rules, what is the last month for reversing the excess ineligible common credit shown by the ordinary annual final calculation?
Question and options
Under Rule 42(2)(a) of the CGST Rules, what is the last month for reversing the excess ineligible common credit shown by the ordinary annual final calculation?
March following the relevant financial year
December following the relevant financial year
June following the relevant financial year
September following the relevant financial year
Answer and explanation
Rule 42(2)(a) of the CGST Rules, 2017 requires any excess of ineligible common credit found on the final annual calculation to be reversed in FORM GSTR-3B or through FORM GST DRC-03 in a month not later than September following the end of the financial year, with interest under section 50(1).
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