Penalty on itc reverse
shruthi smrs (17 Points)
27 February 2020
Is there any penalty for reversing the itc excess claimed after 2 years?
2 Replies
SOHAN LAL
(Manger Accounts & Finance)
(363 Points)
Replied 27 February 2020
24% Interest payable on excess ITC taken
MOHIT JOSHI
(229 Points)
Replied 01 March 2020
Penalty is RS 10000 or excess itc avail which ever is higher
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