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Reversal of ITC om Bank Charges.

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(Querist)
19 September 2021 In Grain Merchant business Busimessman wrongly availed a ITC on rs. 10000 on Bank Charges in March 2019. He wants to reversed the ITC in September 2021. How to reverse please guide. GST Audit Also dine for the year 2018-19 & 2019-20
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
19 September 2021 Reverse it through DRC-03
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Udaya Chandran

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Udaya Chandran (Expert)
20 September 2021 If the ITC is not ineligible and is related to your business, you take ITC on bank charges, no need to reverse.
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