Accounting entry for reversal of 50% itc in the books of accounts of bankers.

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 reversal  account is asset or liability ?

Originally posted by : Sourav
	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...