ITC REVERSED DUE TO OVERDUE PAYMENT ABOVE 180 DAYS, RECREDIT CAN BE TAKEN AFTER 1 YEAR
This query is : Resolved
Santosh Anandrao Patil
(Querist)
19 December 2024
Sir,
We booked invoice on 20/03/2023(F Y 22 23), ITC Credit was taken in same month. In October 23 we reversed the ITC due to non payment to vendor.
we have paid the vendor in March 24. we forgot the take recredit of itc reversed.
can we take the recredit today in the month of December 2024.
We booked invoice on 20/03/2023(F Y 22 23), ITC Credit was taken in same month. In October 23 we reversed the ITC due to non payment to vendor.
we have paid the vendor in March 24. we forgot the take recredit of itc reversed.
can we take the recredit today in the month of December 2024.
Dhirajlal Rambhia
(Expert)
19 December 2024
GST law generally allows for re-claiming reversed ITC only within a year from the date of invoice or from when it was reversed. Since your re-credit would be after this period (December 2024), it may not be permissible under current regulation. However, you can still claim the ITC by filing an application in form GST DRC-20, along with the necessary documents and explanations for the delay.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- Nursery business
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- TDS on Dashcam rent and allied services
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- ETDS return q4 25-26
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
