Reconciliation of 2a and books itc

This query is : Resolved

vin (Querist)
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07 November 2020 1.It is necessary to reconcile 2A and books itc monthly
2. if we take excess input than 2A on behalf of purchase bill , interest will be charged or not.
3. Annually itc in books is less than or matching with 2A But differs monthly .will interest charged considering monthly excess.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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08 November 2020 1 yes, it's necessary to avoid excess ITC.
2 Interest applicable only when it's utilised.
3 No interest payable in case not utilised.

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