Regarding Reversal of ITC
This query is : Resolved
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 ?
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 ?
08 January 2024
No liability of interest and penalty in your case if you reverse it voluntarily
08 January 2024
Thanks for reply
Sir any notification in the matter ?
Sir any notification in the matter ?
09 January 2024
The law is itself amended. Refer amendment in section 50 for interest.
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