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.

MD TECHNOLOGIES 17 January 2021

No you need to reverse it in liability

Sourav (Student) 17 January 2021

You have to reverse the itc in subsequent months

CA Rashmi Gandhi (Chartered Accountant) 17 January 2021

Reverse that ITC in the next month

mayur sharma 17 January 2021

No you have to reverse the itc in subsequent month.

prasad Nilugal 17 January 2021

Interest also applicable , just check .

1 Like

S P 18 January 2021

Interest is applicable if the same credit was utilised

Sanjiv Daga 20 January 2021

Where shall I reverse excess itc of previous month

CA Rashmi Gandhi (Chartered Accountant) 20 January 2021

Interest is applicable only if tax is payable in Cash

S P 20 January 2021

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