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Reversal of input tax credit

Manish Soni (4 Points)

01 March 2021

can i reverse input tax credit taken in fy 2017-18.

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 01 March 2021

Not possible

CA SEEMA AGARWAL (Chartered Accountant) (414 Points)
Replied 01 March 2021

No u cannot reverse input credit for FY 2017-18

Divyam Agarwal (Practicing Chartered Accountant) (959 Points)
Replied 01 March 2021

You may deposit the same suo moto along with up to date interest.
It could be beneficial to you only in the case when your case is selected for scrutiny. If your case is selected for scrutiny, then interest for the remaining period can be saved.

CA Altamush Zafar (GST Consultant) (15907 Points)
Replied 02 March 2021

If you have to reverse itc of 2017-18 you can reverse it through drc-03 either through itc or if there is not itc balance then through challan

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