Wrong Utilisation of Credit

This query is : Resolved 
Quick Summary
This discussion addresses the incorrect utilisation of Input Tax Credit (ITC) from FY 2018-19, which was partially used in FY 2021-22. It explores the correct procedure for paying back the utilised ITC with interest via the DRC-03 form. The advice provided is to pay the utilised ITC through DRC-03 and reverse the unutilised portion in the current month's GSTR 3B.

Profile Image

Profile Image

(Querist)
27 December 2022 ITC has been wrongfully claimed in the FY 2018-19 but partially utilised in FY 21-22. How to pay the same through DRC Form. Whether to be shown as Reversal of Year 2021-22 or 2018-19 through DRC and its implications
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
28 December 2022 Pay utilised ITC with interest through DRC 03.
Reverse the ITC unutilised in the current month GSTR 3b.
Profile Image

Nikhil

Profile Image

Nikhil (Querist)
28 December 2022 Sir Can I Get Your Contact Number
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
29 December 2022 Yes. 9443357248
....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Umaparimal ParimalUmaparimal ParimalPro Member Hmr BabuHmr BabuPro Member guru shankarguru shankarPro Member Tax SimplifiedTax SimplifiedPro Member Venkateshwaran EkambaramVenkateshwaran Ekambaram
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category