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Sir I have claimed excess ITC through trans1, now I want to reverse it. Can I do with available ITC & how to do so? Interest has to be paid now or can be paid later at the time of assessment?

Sir I have claimed excess ITC through trans1, now I want to reverse it. Can I do with available ITC & how to do so? Interest has to be paid now or can be paid later at the time of assessment?

Reply— Available ITC can be utilised for reversal of excess ITC claimed, the taxpayer should pay interest also at the time of reversal as per section 50 of CGST Act. 

Posted Date: Feb 01, 2020
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