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
Menu
Time limit for ITC reversal
Replies (5)
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
Recent Topics :
- Salary expenses how to treat
- Pos related issue
- Gift of unlisted shares to friend upon marriage
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
Related Topics :
CAclubindia
