What is the itc reversal entry in books of accounts of bankers, who are allowed to claim 50% of their itc only. Please explain in brief.
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Accounting entry for reversal of 50% itc in the books of accounts of bankers.
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ITC Recovery – CGST A/c Dr
ITC Recovery – SGST A/c Dr
GST ITC Interest Recovered Account – CGST A/c Dr
GST ITC Interest Recovered Account – SGST A/c Dr
to ITC Reversal – CGST A/c Cr
to ITC Reversal – SGST A/c Cr
to GST ITC Interest Interim Account – CGST A/c Cr
to GST ITC Interest Interim Account – SGST A/c Cr
ITC Recovery – SGST A/c Dr
GST ITC Interest Recovered Account – CGST A/c Dr
GST ITC Interest Recovered Account – SGST A/c Dr
to ITC Reversal – CGST A/c Cr
to ITC Reversal – SGST A/c Cr
to GST ITC Interest Interim Account – CGST A/c Cr
to GST ITC Interest Interim Account – SGST A/c Cr
ITC reversal account is asset or liability ?
| Originally posted by : Sourav | ||
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ITC Recovery – CGST A/c Dr ITC Recovery – SGST A/c Dr GST ITC Interest Recovered Account – CGST A/c Dr GST ITC Interest Recovered Account – SGST A/c Dr to ITC Reversal – CGST A/c Cr to ITC Reversal – SGST A/c Cr to GST ITC Interest Interim Account – CGST A/c Cr to GST ITC Interest Interim Account – SGST A/c Cr |  |
why interest arrived here ? Please explain.
If there is any wrongly itc taken or if there is any delay in payment then interest will be calculated...
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