Itc query

Shobhit (Article) (33 Points)

27 September 2011  

We purchased some goods from a registered dealer on which Vat is payable..

he raised the invoice:-

Value of goods 20000

Vat @ 4%               800

Total                   20800

We take the ITC of Rs.800. 

after 2 months we reverse the bill amount due to some rate difference let say Rs.2000

My question is do we also require to reverse the ITC??