Shaik Abdul Raheem (37 Points)
26 March 2021What is the itc reversal entry in books of accounts of bankers, who are allowed to claim 50% of their itc only. Please explain in brief.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 26 March 2021
Shaik Abdul Raheem
(37 Points)
Replied 27 March 2021
| Originally posted by : Sourav | ||
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ITC Recovery – CGST A/c Dr ITC Recovery – SGST A/c Dr GST ITC Interest Recovered Account – CGST A/c Dr GST ITC Interest Recovered Account – SGST A/c Dr to ITC Reversal – CGST A/c Cr to ITC Reversal – SGST A/c Cr to GST ITC Interest Interim Account – CGST A/c Cr to GST ITC Interest Interim Account – SGST A/c Cr |  |
why interest arrived here ? Please explain.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 27 March 2021
CAclubindia
