Excess value entered in gstr-3b, eligible itc
This query is : Resolved
T.V.Srinivas
(Querist)
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?
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
(Expert)
16 March 2018
Correct it in next month return interest payable on such excess credit availed.
T.V.Srinivas
(Querist)
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
Did such interest shall be calculated by us or by the department
CA R SEETHARAMAN
(Expert)
17 March 2018
You have to calculate the interest.
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T.V.Srinivas
(Querist)
17 March 2018
what is the rate of interest to be applied?
CA R SEETHARAMAN
(Expert)
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
(Querist)
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
(Expert)
17 March 2018
Pay excess ITC.........
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