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Reverse Wrong ITC claim on Vehicle purchase
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.
Replies (8)
Quick Summary
Why you want to reverse ITC ?.
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
Check latest month GSTR-3B and you will get the column to reverse it
Is there any interest come on ITC reversal ?
Yes..It is applicable but if it is not by demand then it may be skipped
There is no demand raised by the department.
Are you sure there is no demand raise by department...?
ITC reversal with interest is required if wrong ITC has been availed and utilized.
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
Else collect the interest from the supplier and pay with interest
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