Reversal of input tax credit

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4 Points Posted on 01 March 2021
can i reverse input tax credit taken in fy 2017-18.
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On 01 March 2021 at 16:33 Report
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Quick Summary
This discussion addresses whether input tax credit (ITC) taken in FY 2017-18 can be reversed. While generally not possible, you can voluntarily deposit the amount along with interest using Form DRC-03. This might be advantageous if your case is selected for scrutiny, as it could help you save on interest for the remaining period.

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Chartered Accountant
24588 Points Posted on 01 March 2021
Not possible
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On 01 March 2021 at 16:57
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Chartered Accountant
414 Points Posted on 01 March 2021
No u cannot reverse input credit for FY 2017-18
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On 01 March 2021 at 17:10
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Practicing Chartered Accountant
959 Points Posted on 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.
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On 01 March 2021 at 19:17
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GST Consultant
15986 Points Posted on 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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On 02 March 2021 at 01:32

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