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?
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Reversal of ITC and consider as a Expenses
Replies (4)
Quick Summary
I think you can reverse ITC, but you need to pay interest in that ITC.
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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Dear,
Fee Download GST reconciliation excel utility to simplify your GST reconciliation tasks and optimize your GST filing process today.
Link - xltool.in/gst-reconciliation/ | www.xltool.in
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