Journal Entry for Reversal of Input Tax credit
This query is : Resolved
prasad Nilugal
(Querist)
11 January 2022
What is the Journal entry for Reversal of Input Tax credit ?.
CA Altamush Zafar
(Expert)
14 January 2022
ITC will be credited and if you can identify on which purchase or expense the ITC is being reversed then that head will be debited otherwise debit the expenses in a general expense head.
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