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TMI BlogUtilisation of ITCX X X X Extracts X X X X X X X X Extracts X X X X ..... Respected sir / madam If a TP availed ineligible ITC in 2020-21 and then complete ITC had been utilised. Now, the said TP wants to reverse the said availed ineligible ITC. So, please guide whether h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reverse the said ITC through ITC availed in 2022-23. Is it wrong to reverse the ITC availed earlier with ITC availed later ? Please guide with provisions. - Reply By V Rajalakshmi - The Reply = ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... According to Sec 49 (4) and Rule 86(2) of CGST , the taxable person can use the balance in the electronic credit ledger towards payment of tax liability arising on account of the reversal of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eligible ITC. Please use DRC 03 to set off the credit instead of directly reversing it in GSTR 3B . Reversals of this kind will also attract interest, which needs to be paid in cash. - Reply By Shi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lpi Jain - The Reply = There is no restriction in using ITC to pay off the earlier wrongly availed and utilized ITC. Interest will have to be paid from the date of utilisation of credit - Utilisati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of ITC - Query Started By: - Rajesh Kumar Dated:- 16-2-2023 Goods and Services Tax - GST - Got 2 Replies - GST - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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