Reversal of ITC om Bank Charges.
This query is : Resolved
Quick Summary
Ritik Jain
(Querist)
19 September 2021
In Grain Merchant business Busimessman wrongly availed a ITC on rs. 10000 on Bank Charges in March 2019. He wants to reversed the ITC in September 2021. How to reverse please guide. GST Audit Also dine for the year 2018-19 & 2019-20
CA Altamush Zafar
(Expert)
19 September 2021
Reverse it through DRC-03
Udaya Chandran
(Expert)
20 September 2021
If the ITC is not ineligible and is related to your business, you take ITC on bank charges, no need to reverse.
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