Our is seasonal business. We used to reverse ITC as per section 42 while filing 3B monthly. And the amount was resucrefrom input tax used for raw materials.
Now till 31march, for final calculation, out total apportionment is now 1lakh less which we need to pay to govt.
But now our season will start in Nov and till then no purchase of raw material and so unable to reverse additional 1lakh rupees.
We are incurring interest penalty since 1apr as per Gst act, how should we reverse it.
CAclubindia
