GST ITC CREDIT

This discussion addresses a query about correcting GST Input Tax Credit (ITC) claims made on bogus bills for a cloth dyeing business. The user mistakenly claimed ITC on 10 out of 20 gas cylinder bills, with the remaining 10 being bogus. The advice provided suggests reversing the incorrect ITC claims, potentially with interest. For current financial year claims, this can be done via GSTR-3B, while previous year claims would require using DRC-03. Interest calculation is suggested from the month of availing ITC until the reversal month.