ITC Reversal

Indirect Taxation

Can we reverse excess ITC claimed in previous FY during the current FY ?

Sahana S

CA Final

★ 25

30-Aug-21 11:03

768

Answers (4)

Yes we can. It has to be done maximum by due date of return of September month following the end of FY or date of filing annual return whichever is earlier.

Shiva Teja

Faculty

30-Aug-21 12:59

Yes. Check rule 37(2) for consideration not paid and Rule 44(4) for special circumstances for ITC reversal The amount of input tax credit shall be added to the output tax liability of the registered person.

Sudha Reddy

CA Final

★ 20K+

30-Aug-21 13:07

Shiva Teja Faculty

Yes we can. It has to be done maximum by due date of return of September month following the end of FY or date of filing annual return whichever is earlier.

OK .Thank you

Thread Starter

Sahana S

CA Final

★ 25

08-Sep-21 14:40

Sudha Reddy

Ok .Thank you

Thread Starter

Sahana S

CA Final

★ 25

08-Sep-21 14:40