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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Excess ITC claimed FY 2019-20
Replies (8)
Reverse ITC in next 3B return
Sir we found that mistake now.. please suggest us to reverse
You will have to reverse through DRC-03 by choosing voluntary
Thank u sir ☺️
You are most welcome
Sir, if we have a credit balance in ledger can we make set off against the excess ITC claims???
Yes, you can. But the interest on such ITC at the rate of 24% p.a. has to be paid in cash only.
Yes you can reduce the itc of current period
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