Excess value entered in gstr-3b, eligible itc

This query is : Resolved

T.V.Srinivas

T.V.Srinivas (Querist)
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16 March 2018 sir,
i have filed my GSTR3-B for the month of JANUARY, but after filing i have observed that in box 4(ELIGIBLE ITC) I have entered in a row "ALL OTHER ITC" value of Rs 54393.05 but the correct value is Rs 30,326.89
the different amount of 24,066.16 is reflected
how to correct it?

pleas let me know the solution
is there any penalty leavied for such over consumption for this?
does it attracts any scrutiny?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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16 March 2018 Correct it in next month return interest payable on such excess credit availed.

T.V.Srinivas

T.V.Srinivas (Querist)
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16 March 2018 How to know the amount of interest is to be paid?
Did such interest shall be calculated by us or by the department

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 March 2018 You have to calculate the interest.

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T.V.Srinivas

T.V.Srinivas (Querist)
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17 March 2018 what is the rate of interest to be applied?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 March 2018 Taxable person who makes an undue or excess claim of input tax credit under sub-section (10) of section 42 or undue or excess reduction in output tax liability under sub-section (10) of section 43, shall pay interest on such undue or excess claim or on such undue or excess reduction shall be liable to pay 24% interest.

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T.V.Srinivas

T.V.Srinivas (Querist)
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17 March 2018 should i pay the excess ITC utilised? or can be set off in the next month by short claim in up coming months?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 March 2018 Pay excess ITC.........

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