Ineligible itc under section 16(4) in deduct from current ITC. We are already claim previous year but party filed annual return deduct our books.This ITC claim or not.
Ineligible itc under section 16(4) in deduct from current ITC. We are already claim previous year but party filed annual return deduct our books.This ITC claim or not.
Calculate the Total Reversal: Sum up the ITC amount that falls under 16(4) and POS restrictions.
Calculate Interest: Calculate 18% interest on this amount for the period you used it.
File GSTR-3B: Enter the reversal amount in Table 4(B)(1).
Pay Interest: Pay the interest amount via DRC-03 (Voluntary Payment) or add it to your liability if your software allows, selecting "Interest" as the reason.
Karia Overseas
Ahmedabad
CA
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