Dear Experts,
Is there any time limit for reversal of itc on car purchase which is done in the financial year 2021-22 june month. can i reverse it in Jun 22, 3B return.
please suggest.
thanks & regards
B Ganesh
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Time limit for ITC reversal
Replies (5)
Quick Summary
Yes, you can reverse along with 24% Interest from the date of utilization.
Better to submit DRC-03.
I think 18% is quite possible
Interest is 24%
You can reverse either through GSTR-3B or DRC-03. DRC-03 is a better option
Rate of interest will be 18% if you have utilized such ITC
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