I have taken GST input credit in Nov'18 , in Mar'19 i have recognized i can't take GST credit of HSN coed 9954 due to works contract , now i need to reverse this credit. Now my Nov GST liability is increase due to reversal on input credit now, need to pay penalty , pls help .
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Gst itc penalty for reversal
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If You are wrongly availed ITC then reverse the same with 24% interset...
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