Reverse of Input tax credit
Ankit kumar (245 Points)
17 January 2019Ankit kumar (245 Points)
17 January 2019
shailendra shukla
(Bhopal)
(1741 Points)
Replied 17 January 2019
CA Arun Chhajer
(GST Faculty @ Ministry of MSME Govt of India)
(2813 Points)
Replied 17 January 2019
You are correct as far as you are ready to pay the interest. However pls note that in the month of Oct'18 you have to take again the Credit of Rs 33000 so you have two option -
1. Reverse separately under Table 4A.2 (Other reversal) - More preferred
2. Take the net credit 33000-14000 = 19000 (Not advisable)
ACA Sarita Laddha
(Practicing CA)
(1225 Points)
Replied 17 January 2019
Your question is not fully clear. However, In my opinion, since you have taken excess input credit in January'18, you have to pay it again i.e, Rs. 33000 along with interest and you can claim input of Rs. 33000 in return related to Oct,18.