How to adjust or rectify the extra ITC utilized in the previous month in next month filings.
Whether the wrongly utilized ITC should be paid in addition with the next month tax or reversal of ITC should be made.
Kindly guide me in the above situation.
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ITC Adjustment
Replies (4)
Can be shown as reversal of ITC .
U can rectify the ITC by availing less if u have taken more previously if more then taking less in next filing
Should be shown in reversal column in 3B.Interest to be paid at 24%.
thank you and congratulations
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