ITC Reversal Entry

Here are the steps for ITC Reversal Entry. To learn more, you can also watch this RELY Online tutorial video:

ITC Reversal Entry

For ITC Reversal Entry in Rely, first select the desired company.

1. Go to Transaction > GST Entry > ITC Entry > Reversal and press Enter key.

2. ITC Reversal Entry form will open. Enter details here such as:

Voucher No - Enter the voucher number here.

Date - Enter the ITC Reversal entry date here.

Enter the amount to be reversed in the respective fields: IGST, CGST, UT/SGST and CESS.

ITC Description - Select the ITC description from the list of options displayed. For more information about this, you can contact your respective Tax Consultant or C.A.

Remark - You can enter other information here, if any.

You can enter the fields you want and leave rest of the fields blank and proceed.

3. Once done, press Enter and in 'Do you Confirm?', select Yes option and press Enter key. Your ITC Reversal Entry will be done.