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Regarding Reversal of ITC

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(Querist)
08 January 2024 Dear Expert,
My client has been taken wrongly ITC (CGST : 8,250 & SGST : 8,250) in F.Y. 2020-2021. But not utilized these ITC as on date. I mean till today above ITC in my credit ledger. Now any liability interest & penalty if ITC revere today ?
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CA Altamush Zafar

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CA Altamush Zafar (Expert)
08 January 2024 No liability of interest and penalty in your case if you reverse it voluntarily
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jignesh sitapara

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jignesh sitapara (Querist)
08 January 2024 Thanks for reply
Sir any notification in the matter ?



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CA Altamush Zafar

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CA Altamush Zafar (Expert)
09 January 2024 The law is itself amended. Refer amendment in section 50 for interest.

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