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ITC reversal
How to calculate ITC reversal
Replies (3)
Quick Summary
If the input tax credit is wrongly claimed, then it should be reversed by making payment to that extent next month.
You can reverse the entry in next month by reducing your input
1.ITC reversed based on the basis of Taxable and extempted turoner ratio.i.e exemted turnover/ Total turnover.
2. if it is related to blocked credits whole amount should be reversed.
2. if it is related to blocked credits whole amount should be reversed.
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