Excess ITC claimed FY 2019-20

09 June 2021

Hello sir,
we have claimed excess ITC in the period of FY 2019-20,and annual return not yet filed. How to reverse the excess ITC as now

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8 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 09 June 2021

Reverse ITC in next 3B return

vinayak malladad (34 Points)
Replied 09 June 2021

Sir we found that mistake now.. please suggest us to reverse

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CA Altamush Zafar (GST Consultant) (15921 Points)
Replied 09 June 2021

You will have to reverse through DRC-03 by choosing voluntary

vinayak malladad (34 Points)
Replied 09 June 2021

Thank u sir ☺️

CA Altamush Zafar (GST Consultant) (15921 Points)
Replied 09 June 2021

You are most welcome

vinayak malladad (34 Points)
Replied 09 June 2021

Sir, if we have a credit balance in ledger can we make set off against the excess ITC claims???

Shikha Patidar (12 Points)
Replied 10 June 2021

Yes, you can. But the interest on such ITC at the rate of 24% p.a. has to be paid in cash only.

veerendar singh (tax consultant) (3301 Points)
Replied 10 June 2021

Yes you can reduce the itc of current period

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