Itc claimed on repairs on car
This query is : Resolved
Quick Summary
ARUN GUPTA
(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?
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.
Yes, 24% interest payable if ITC utilised.
Calculate interest from availment to reversal.
ARUN GUPTA
(Querist)
19 September 2021
Will We have to reverse ITC or reduce the existing ITC?
CA R SEETHARAMAN
(Expert)
19 September 2021
Reduce existing ITC.
CA Altamush Zafar
(Expert)
19 September 2021
Interest to be paid @ 18%
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