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.
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Ineligible itc under section 16(4) & itc restricted due to pos
Replies (1)
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Calculate the Total Reversal: Sum up the ITC amount that falls under 16(4) and POS restrictions.
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Calculate Interest: Calculate 18% interest on this amount for the period you used it.
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File GSTR-3B: Enter the reversal amount in Table 4(B)(1).
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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.
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