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Reverse Wrong ITC claim on Vehicle purchase

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39 Points Joined March 2022
Our Company purchase one vehicle for managment use on October,2021 and we claim ITC on November,2021 at the time of filling return. Now we reverse that ITC so how to reverse this ITC and how to show it.
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On 20 March 2022 at 10:10 Report
Replies (8)
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GST Practitioner & Accounts
15083 Points Joined March 2014

Why you want to reverse  ITC  ?.

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On 20 March 2022 at 10:19
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CFO- at NHTF
58280 Points Joined August 2012
Since we claim ITC through GSTR-3B , there is an option to reverse ITC through GSTR-3B only..

Check latest month GSTR-3B and you will get the column to reverse it
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On 20 March 2022 at 10:21
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39 Points Joined March 2022
Is there any interest come on ITC reversal ?
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On 21 March 2022 at 08:21
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CFO- at NHTF
58280 Points Joined August 2012
Yes..It is applicable but if it is not by demand then it may be skipped
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On 21 March 2022 at 08:42
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Profession Business
28196 Points Joined May 2017
There is no demand raised by the department.
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On 21 March 2022 at 13:49
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39 Points Joined March 2022
Are you sure there is no demand raise by department...?
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On 21 March 2022 at 15:03
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M Com FCS LLB M-AIMA
14046 Points Joined June 2009

ITC reversal with interest is required if wrong ITC has been availed and utilized.

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On 21 March 2022 at 16:40
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CFO- at NHTF
58280 Points Joined August 2012
When it is correct ITC but default was on the part of supplier then they pay the interest ..

Else collect the interest from the supplier and pay with interest
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On 21 March 2022 at 21:36

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