Reversal of input tax credit
can i reverse input tax credit taken in fy 2017-18.
Replies (4)
Quick Summary
Not possible
No u cannot reverse input credit for FY 2017-18
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.
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.
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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