banner_ad

Itc claimed on repairs on car

This query is : Resolved 
Profile Image

Profile Image

(Querist)
19 September 2021 We have claimed GST on repairs on car in our june 2021 gstr3b returns for the period 2020-2021.how 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?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
19 September 2021 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.
Profile Image

ARUN GUPTA

Profile Image

ARUN GUPTA (Querist)
19 September 2021 Will We have to reverse ITC or reduce the existing ITC?
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
19 September 2021 Reduce existing ITC.
Profile Image

CA Altamush Zafar

Profile Image

CA Altamush Zafar (Expert)
19 September 2021 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


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details