TaxTMI 
TaxTMI 
We have claimed FY 17-18 ITC in FY 2018-19, later reversed the ITC in FY 2019-20 by mistake, can reclaim the ITC now?
Claiming of Reversed ITC
02 Dec 2021 
5 Replies 
2611 Views Asked by
Reclaiming Input Tax Credit: Rule 37(4) permits re availal after reversal, but GSTR 2A mismatch may invite dispute.
Reclaiming input tax credit that was taken and later reversed can be pursued because Rule 37(4) excludes the Section 16(4) time limit for re availing credit previously reversed; key factual matters include when credit was taken, why and when it was reversed, and whether reversal was voluntary or department driven. Expect departmental dispute where the credit is absent from GSTR 2A; gather documentary evidence and an explanation of reversal to substantiate eligibility and counter mismatch queries. (AI Summary)
Reclaiming input tax credit that was taken and later reversed can be pursued because Rule 37(4) excludes the Section 16(4) time limit for re availing credit previously reversed; key factual matters include when credit was taken, why and when it was reversed, and whether reversal was voluntary or department driven. Expect departmental dispute where the credit is absent from GSTR 2A; gather documentary evidence and an explanation of reversal to substantiate eligibility and counter mismatch queries. (AI Summary)