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Reversal of itc
if I have taken extra itc in previous month, can I settle it by taking less itc in subsequent month.
Replies (9)
No you need to reverse it in liability
You have to reverse the itc in subsequent months
Reverse that ITC in the next month
No you have to reverse the itc in subsequent month.
Interest also applicable , just check .
Interest is applicable if the same credit was utilised
Where shall I reverse excess itc of previous month
Interest is applicable only if tax is payable in Cash
Interest is also applicable if the excess credit taken has been utilised.
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