REVERSAL OF ITC 17-18

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This query is : Resolved

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This discussion clarifies how to reverse excess Input Tax Credit (ITC) claimed for the 2017-18 financial year using Form DRC-03. Payments can generally be made using available input tax credit or cash balance. However, interest and penalties related to the excess claim must be paid strictly in cash, as ITC cannot be utilised for these specific charges.

Pawan Gupta

Pawan Gupta (Querist)

24 November 2023 CAN WE REVERSE EXCESS ITC CLAIMED OF 2017-2018 THROUGH DRC 03

CAN WE PAY IT THROUGH ITC AVAILABLE IN CREDIT LEDGER.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 November 2023 Yes, All the payments need to be made either from input tax credit available in electronic credit ledger or cash balance available in the electronic cash ledger. But, in case of interest and penalties ITC utilisation is not available. It has to be compulsorily paid in cash.

Pawan Gupta

Pawan Gupta (Querist)

25 November 2023 sir is there any documents related to the same please share it to me i will be grateful

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 November 2023 See the link.
https://vakilsearch.com/blog/procedure-to-pay-additional-tax-and-its-applicability/

Pawan Gupta

Pawan Gupta (Querist)

25 November 2023 THANK YOU SO MUCH SIR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

25 November 2023 You are welcome..
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