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.

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9 Replies

MD TECHNOLOGIES (59 Points)
Replied 17 January 2021

No you need to reverse it in liability

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 17 January 2021

You have to reverse the itc in subsequent months

CA Rashmi Gandhi (Chartered Accountant) (86313 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.

prasad Nilugal (3914 Points)
Replied 17 January 2021

Interest also applicable , just check .

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S P (102 Points)
Replied 18 January 2021

Interest is applicable if the same credit was utilised

Sanjiv Daga (12 Points)
Replied 20 January 2021

Where shall I reverse excess itc of previous month

CA Rashmi Gandhi (Chartered Accountant) (86313 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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