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