ITC taken wrongly

Yes you cam reverse in March 3B Return. You need to pay Interest under section 50.

Last year ItC need to paid through DRC 03/ now as reversing in returns is time barred now...

First you have to correct with march return

Partially Agree with Mr Sunil Arora.
can Reverse in GSTR 3B of march with payment of interest @ 24% as per Section 50 of CGST Act .

As per the last proviso under Section 39 of CGST Act , that any such rectification can be done by September month return following the end of Fy .

So the time barred will be effective only after September 2020 for Fy 2019-20 .
Hence not required to file DRC 03.

Correction of pervasive assessment year is not possible now it self.

Hi 

 

Thanks for the inputs. Do we have to pay interest if we have not utilized the Input tax credit?