we have claimed Ineligible ITC in FY 2017-18 and not utilised this ITC and we have not reversed Ineligible ITC until.
what is the solutions for this.
can i reversed this ITC without interest.
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Ineligible ITC claimed in FY 2017-18
Replies (2)
Quick Summary
Can i reversed this ITC without interest...?
- No... Reversible with interest @ 24%
- No... Reversible with interest @ 24%
Interest @ 18% is applicable only on ineligible ITC availed and utilsed. In this case ineligible ITC not utilised.
Hence interest is not applicable
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