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Input amount wrongly taken

ashima khurana (105 Points)

17 January 2021

i had taken wrong amount input credit for ex i had taken 2000 instead of 1500 so now how can i correct this please help

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7 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 17 January 2021

Reverse the excess itc in subsequent month

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Shivam RC (Student) (23683 Points)
Replied 17 January 2021

You have to Reverse the Excess ITC claimed in the subsequent month along with Interest as specified U/s 50 of the CGST Act 2017.

Did you utilised the ineligible credit for setting off output tax liability ???

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 17 January 2021

Reverse the excess ITC claimed in next month. and don't forget to pay interest if you have to pay tax in cash

ashima khurana (105 Points)
Replied 17 January 2021

It was about last year dec return mistake but now this month i saw the mistake

mayur sharma (133 Points)
Replied 17 January 2021

Reverse the Excess Input tax credit In the subsequent month along with the interest.

In your case excess itc should be reverse at the time of filing January 2021 return.