REVERSAL OF ITC FY 2023-24

Ramit (Accountant) (128 Points)

11 November 2024

If excess ITC claimed in F.Y 2023-24 then what is the last date to reverse this ITC?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177227 Points)
Replied 11 November 2024

As per GST laws in India, if excess Input Tax Credit (ITC) is claimed in FY 2023-24, the last date to reverse this ITC would be:

September 30, 2024, or

Filing of Annual Return (GSTR-9) for FY 2023-24, whichever is earlier.

Ramit (Accountant) (128 Points)
Replied 11 November 2024

But 30 September 2024 changed to 30 November 2024

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177227 Points)
Replied 11 November 2024

Yes, correct. This deadline is crucial for compliance with the GSTR-3B return filing for October 2023, which is due on November 20, 2023.

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