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Sanjiv Daga   17 January 2021

Reversal of itc

if I have taken extra itc in previous month, can I settle it by taking less itc in subsequent month.


 9 Replies

MD TECHNOLOGIES

MD TECHNOLOGIES   17 January 2021

No you need to reverse it in liability
Sourav

Sourav (Student)     17 January 2021

You have to reverse the itc in subsequent months
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     17 January 2021

Reverse that ITC in the next month

mayur sharma

mayur sharma   17 January 2021

No you have to reverse the itc in subsequent month.
prasad Nilugal

prasad Nilugal   17 January 2021

Interest also applicable , just check .
1 Like
S P

S P   18 January 2021

Interest is applicable if the same credit was utilised
Sanjiv Daga

Sanjiv Daga   20 January 2021

Where shall I reverse excess itc of previous month
CA Rashmi Gandhi

CA Rashmi Gandhi (Chartered Accountant)     20 January 2021

Interest is applicable only if tax is payable in Cash
S P

S P   20 January 2021

Interest is also applicable if the excess credit taken has been utilised.

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