Reversal of excess ITC
Sumeet Gupta (123 Points)
21 October 2021Sumeet Gupta (123 Points)
21 October 2021
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 21 October 2021
Sumeet Gupta
(123 Points)
Replied 21 October 2021
Bhavika Kothari
(CA)
(1258 Points)
Replied 29 December 2021
Yes, you can reverse this in subsequent month GSTR-3B. Interest will be applicable in this case since you have utilized the ineligible ITC. Read this article to solve all the doubts about ITC https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/