If you've wrongly availed Input Tax Credit (ITC) in a previous financial year, you can reverse it immediately. The discussion suggests reversing it via your current GSTR-3B filing. There isn't a strict time limit, but it's best to rectify the error as soon as it's noticed to prevent potential interest and penalty charges.
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
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.