ITC excess claimed

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402 Points Posted on 13 May 2021
Excess claimed ITC in last year December Month but forgot to adjust and reverse in last Year. so what to be done can we adjust in annual return or to be reversed this year and show in annual return.
Note: can we adjust 2020-2021 excess ITC Claimed adjust in April return 2021.
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On 13 May 2021 at 18:47 Report
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Quick Summary
If you claimed excess Input Tax Credit (ITC) in December but didn't adjust or reverse it last year, you have options. You can adjust this excess ITC in your April GSTR-1 return. Alternatively, you can also make the adjustment in your annual return. Be aware that if the ITC was utilised, you may need to pay interest on the amount.

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CMA
13117 Points Posted on 13 May 2021

You can adjust in Apr 2021 return. Pay interest if ITC was utilized.

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On 13 May 2021 at 19:00
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Chartered Accountant
24588 Points Posted on 13 May 2021
You can adjust in annual return also
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On 13 May 2021 at 20:50
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"Do the Right Thing...!!!"
128157 Points Posted on 14 May 2021
Yes, You can adjust in April GSTR-1 return.
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On 14 May 2021 at 08:07

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