ITC accumulated where to reverse

This discussion addresses how a fresh fruit trader can reverse accumulated Input Tax Credit (ITC) amounting to Rs 3 lacs, which has gone unused. The advice suggests reversing the ITC directly in the 3B returns. For ITC accumulated up to March 2024, a separate reversal via DRC-03 for each year is recommended, referencing rules 42 and 43 of the CGST rules. Importantly, interest is generally not payable on ITC that has not been encashed.