Reversal of Input tax credit in GST
This query is : Resolved
10 November 2020
Sir/Madam,
I have wrongly availed ITC blocked credit in month of Jan 2020 (FY 19-20). Can I reverse this ITC in GSTR 3 B of October 2020 or should it be done through DRC-03
What is the time period allowed within which wrongly availed ITC can be reversed via GSTR3B.
Thanks for the help in advance
I have wrongly availed ITC blocked credit in month of Jan 2020 (FY 19-20). Can I reverse this ITC in GSTR 3 B of October 2020 or should it be done through DRC-03
What is the time period allowed within which wrongly availed ITC can be reversed via GSTR3B.
Thanks for the help in advance
10 November 2020
You can reverse now. There is no time period , it has to be immediately done.Wrong availment of ITC invites interest and penalty.
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11 November 2020
Sir, should I reverse it via GSTR 3B of October 2020. Or opt for DRC-03. Thank you very much for your guidance.
11 November 2020
You can reverse it in 3B.
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11 November 2020
Thank you for your guidance . Just one more clarification required .What is the time allowed or what is the last date within which wrongly availed ITC of a particular Financial Year can be reversed.
11 November 2020
immediately on noticing that the credit was wrongly taken.
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