ITC reversal on account of IND AS adoption

Indira (CA ) (1379 Points)

28 November 2023  

Hi

GST on rental payments is made and ITC is claimed on the same. Now on account of shift to IND AS, the rental payment has been reversed to the extent of Lease liability. What is the treatment of ITC Claimed. Do we have to reverse the ITC to the extent of reversal?

Thanks