Reversal of ITC and consider as a Expenses

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Student
55 Points Posted on 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?
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On 22 October 2021 at 21:35 Report
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Quick Summary
A business claimed GST on capital goods as Input Tax Credit (ITC) in FY 2020-21 but now wishes to treat it as an expense in the Profit & Loss account. The user is seeking guidance on how to reverse the ITC and whether there are any time limits for doing so. They also clarified that no GST was payable for the entire financial year, and the ITC wasn't used against any liability.

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10 Points Posted on 23 October 2021
I think you can reverse ITC, but you need to pay interest in that ITC.
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On 23 October 2021 at 11:55
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Student
55 Points Posted on 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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On 23 October 2021 at 11:58
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Practice
4698 Points Posted on 11 May 2025

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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On 11 May 2025 at 16:05
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Practice
4698 Points Posted on 11 May 2025

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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On 11 May 2025 at 16:05

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