what should we do if ITC is claimed more than books of account nd 3B is filed...
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What to do when ITC is claimed more then books of account and submitted 3B
Replies (4)
When you more than Input tax credit,so in next month you need to book debit note ,you need to excess amount booked against party
Reverse those amount in next month return
Reversed the amount with interest of 24%.
Yes reverse it in your next 3B , & As per section 50 CGST Act interest is applicable @ 24% on such wrong credit availed
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