Excess input tax credit taken
This query is : Resolved
09 June 2018
During filing GSTR-3B of Sep-17 month i have taken excess ITC. Now i want to reverse it. So i want to know that whether i have to pay interest on reversal or not. If yes, then it will be 18% or 24%. Plz reply.
11 June 2018
if the excess ITC was utilised for making payment of GST liability interest is payable. The rate would be 24%.
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