{"id":76426,"date":"2026-08-21T08:28:05","date_gmt":"2026-08-21T08:28:05","guid":{"rendered":""},"modified":"2026-08-21T08:28:05","modified_gmt":"2026-08-21T08:28:05","slug":"excess-itc-reversal-through-drc-03-remains-valid-despite-blank-reasons-column-while-interest-and-penalty-waiver-may-apply","status":"publish","type":"post","link":"https:\/\/goodsandservicetax.in\/GST\/?p=76426","title":{"rendered":"Excess ITC reversal through DRC-03 remains valid despite blank reasons column, while interest and penalty waiver may apply."},"content":{"rendered":"<p>Excess ITC reversal through DRC-03 remains valid despite blank reasons column, while interest and penalty waiver may apply.<br \/>Case-Laws<br \/>GST<br \/>Excess input tax credit relating to invoices for FY 2018-19 to 2020-21 was treated as validly reversed through debit entries in the electronic cash and credit ledgers reported in Form GST DRC-03. Absence of reasons in column 8 did not invalidate the reversal, as that field was not mandatory; Form GST DRC-04 acknowledged payment and the reconciliation statement supported full reversal. Section 16(5) extended the relevant ITC entitlement. For a Section 73 demand within Section 128A, interest and penalty require fresh computation after hearing, with waiver available subject to the prescribed procedure.<br \/> TMI Updates &#8211; Highlights, quick notes, marquee, annotation, news, alerts <\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n<p align=\"center\"><strong>Plain text (Extract) only<\/strong><BR>For full text:-<a href=\"https:\/\/www.taxtmi.com\/highlights?id=102927\">Visit the Source <\/a><\/p>\n<p align=\"center\">=  =  =  =  =  =  =  =<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Excess ITC reversal through DRC-03 remains valid despite blank reasons column, while interest and penalty waiver may apply.Case-LawsGSTExcess input tax credit relating to invoices for FY 2018-19 to 2020-21 was treated as validly reversed through debit &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"close","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-76426","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/76426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76426"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/76426\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}