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excess itc claimed
we have claimed excess itc ...what to do. now please suggest ....how to do itc reversal
Replies (3)
You will have to add the excess ITC claimed to your output liability in the next return and pay interest @ 24% on such excess amount by cash.
You ll reverse the excess INPUT Claimed in GSTR 3B "4.Eligible ITC - (B) ITC reversed (2). Others.
if we did not utilised ITC still need to pay interest on it
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