banner_ad

Regarding Reversal of ITC

This query is : Resolved 
Profile Image

Profile Image

(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 ?
Profile Image

CA Altamush Zafar

Profile Image

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

jignesh sitapara

Profile Image

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

CA Altamush Zafar

Profile Image

CA Altamush Zafar (Expert)
09 January 2024 The law is itself amended. Refer amendment in section 50 for interest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details