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Reversal of excess ITC

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if excess/undue itc is claimed by mistake in GSTR 3b of a particular month, Can it be reversed under table 4(b) (2) i.e ITC reversed-others column of GSTR 3b or DRC 03 has to be filled and secondly if any interest has to be paid along with reversal if this excess itc has not been utilized?
Replies (5)
When you have claim excess ITC ?.
In previous quarter
You can reverse in Table (b)(2) of GSTR3B, in current month or next month however ,interest is applicable along with reversal .
Is interest application even if ITC has not been utilized. If yes, then is the interest rate 24% per annum

Yes, you can reverse this in subsequent month GSTR-3B. Interest will be applicable in this case since you have utilized the ineligible ITC. Read this article to solve all the doubts about ITC https://irisgst.com/all-about-input-tax-credit-itc-how-to-claim-input-tax-credit/


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