Hi sir,
good morning
I have a doubt regarding ITC reversal.
we are doing real estate business and charging GST @ 5% We are ineligible to claim ITC ..so I decided to reverse the ITC lying in 2B which I am not going to avail. but while reversing it in Oct return I made a typographical error for 3,00,000 I entered as 30,000.This 3,00,000 ITC pertains to PY 2023-24 And CY 2024-25 ( APR - AUG)
As per section 16(4) of the CGST Act, 2017 the time limit to avail pending ITC on invoices pertaining to FY 2023-24 is:
-30th November 2024 for invoice pertaining to FY 2023-24; or
-31st December 2024 i.e. date of filing annual return for FY 2023-24 whichever is earlier.
but I made error in Oct return the last date to avail or reverse ITC for the FY 2023-24 has closed ,can it be rectified..if so how could I rectify
please do the needful...thanks in advance
CAclubindia
