GST Plus - Get Daily updates,support, whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Itc claimed on repairs on car

This query is : Resolved 

We have claimed GST on repairs on car in our june 2021 gstr3b returns for the period and where We have to reverse the claimed ITC? WHAT IS THE PROCESS OF REVRSE? DO WE HAVE TO PAY INTEREST ON REVRSED ITC? For what period interest will be calculated? Please advise?

Reverse it in August 2021 return. Reduce the respective ITC in GSTR 3b.
Yes, 24% interest payable if ITC utilised.
Calculate interest from availment to reversal.

Will We have to reverse ITC or reduce the existing ITC?

Reduce existing ITC.

Interest to be paid @ 18%

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries


Trending Tags