Hello sir,
we have claimed excess ITC in the period of FY 2019-20,and annual return not yet filed. How to reverse the excess ITC as now
8 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 09 June 2021
Reverse ITC in next 3B return
vinayak malladad
(34 Points)
Replied 09 June 2021
Sir we found that mistake now.. please suggest us to reverse
CA Altamush Zafar
(GST Consultant)
(15971 Points)
Replied 09 June 2021
You will have to reverse through DRC-03 by choosing voluntary
vinayak malladad
(34 Points)
Replied 09 June 2021
Sir, if we have a credit balance in ledger can we make set off against the excess ITC claims???
Shikha Patidar
(12 Points)
Replied 10 June 2021
Yes, you can. But the interest on such ITC at the rate of 24% p.a. has to be paid in cash only.
veerendar singh
(tax consultant)
(3301 Points)
Replied 10 June 2021
Yes you can reduce the itc of current period
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