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Reversal of ITC and consider as a Expenses

Mohammad Zeban Quadri (Student) (55 Points)

22 October 2021  
In the FY 2020-21 I claim GST on capital goods as a ITC in GST Returns but now I want to claim as expenses and debited to p&l a/c. what should I do?
I am ready to reversal of ITC but what is time period to Reversal of ITC, can I reverse ITC any time or not?

 2 Replies

ACMA Gautam J. Pawar (10 Points)
Replied 23 October 2021

I think you can reverse ITC, but you need to pay interest in that ITC.

Mohammad Zeban Quadri (Student) (55 Points)
Replied 23 October 2021

But sir I not claim ITC on capital goods against my liability because no GST payble in the whole Financial year

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