Regarding ITC reversal

sir ,claimed excess ITC by mistake and utilized in 18-19, now I got notice from dept, now I have sufficient ITC to reverse the same, but the officials say pay cash by DRC -03.is there any rule that, please suggest me
Replies (6)
Quick Summary
This discussion addresses a situation where excess Input Tax Credit (ITC) was mistakenly claimed and utilised. The tax department has issued a notice, and while the taxpayer has sufficient ITC to reverse the erroneous claim, officials are insisting on payment via DRC-03 (cash). The core question is whether there's a rule mandating cash payment in such scenarios or if reversing via available ITC is permissible, considering the associated interest.

( now I have sufficient ITC. )

Now means when & which period...?
You hv to pay by DRC-03 along with interest @ 18% p.a.
GST can be reversed via DRC 03 from ITC also
Is it possible to claim excess ITC?
Yes....excess ITC mean u hv claimed more than what is eligible

Eligible or ineligible is not the quistion? Let the owner of the quistion to explain.

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