Regarding Reversal of ITC
This query is : Resolved
08 January 2024
Dear Expert,
My client has been taken wrongly ITC (CGST : 8,250 & SGST : 8,250) in F.Y. 2020-2021. But not utilized these ITC as on date. I mean till today above ITC in my credit ledger. Now any liability interest & penalty if ITC revere today ?
My client has been taken wrongly ITC (CGST : 8,250 & SGST : 8,250) in F.Y. 2020-2021. But not utilized these ITC as on date. I mean till today above ITC in my credit ledger. Now any liability interest & penalty if ITC revere today ?
08 January 2024
No liability of interest and penalty in your case if you reverse it voluntarily
08 January 2024
Thanks for reply
Sir any notification in the matter ?
Sir any notification in the matter ?
09 January 2024
The law is itself amended. Refer amendment in section 50 for interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- GST ON EXPORT COMMISSION
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
