Reversal of ITC_ for feb -22 return

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Ninad (Querist)

18 March 2022 Hello Experts,

I have some questions regarding the reversal of ITC.
I have and Invoice of which is issued in the in the month of April-21. I have Availed the ITC of the Invoice. When should i reverse the ITC under following Circumstances.

1) Invoice of April-21 itc availed in the April-21 Month return, Payment made in Dec-21.
2) Invoice of April-21 Itc Availed in the Jan-22 month Return. Payment made in Jan-22
3) Invoice of April-21 ITC availed in Aug-22 month. Payment made in Aug-22 but under retention clause 10% payment made in the Jan-22.
4) Invoice of April-22 ITC is not availed but payment not made till 18-Feb-22.

Kindly Help as what amount to reverse, when to reverse and how much interset is to be paid and also how the interest is calculate in all the cases.

Thanks in Advance.

CA Altamush Zafar

CA Altamush Zafar (Expert)

19 March 2022 ITC is not reversable in any of the cases except where ITC has been taken and payment has not been made even after 6 months.
Where payment has been made after 6 months then interest on ITC will be applicable.

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