Reversal of Input tax credit in GST

This query is : Resolved

AviGan (Querist)
Follow

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

Lekhraj sood

Lekhraj sood (Expert)
Follow

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.

Message likes : 1 times

AviGan

AviGan (Querist)
Follow

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.

Upgrade to CAclubindia Pro. Subscribe Now!

Lekhraj sood

Lekhraj sood (Expert)
Follow

11 November 2020 You can reverse it in 3B.

Message likes : 1 times

AviGan

AviGan (Querist)
Follow

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.

Lekhraj sood

Lekhraj sood (Expert)
Follow

11 November 2020 immediately on noticing that the credit was wrongly taken.