Reversal of itc
Sanjiv Daga (12 Points)
17 January 2021
if I have taken extra itc in previous month, can I settle it by taking less itc in subsequent month.
9 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 17 January 2021
You have to reverse the itc in subsequent months
CA Rashmi Gandhi
(Chartered Accountant)
(86495 Points)
Replied 17 January 2021
Reverse that ITC in the next month
mayur sharma
(133 Points)
Replied 17 January 2021
No you have to reverse the itc in subsequent month.
CA Rashmi Gandhi
(Chartered Accountant)
(86495 Points)
Replied 20 January 2021
Interest is applicable only if tax is payable in Cash
S P
(102 Points)
Replied 20 January 2021
Interest is also applicable if the excess credit taken has been utilised.
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