Interest on itc reversal
This query is : Resolved
22 October 2020
We have taken wrong itc of hotel 60000 but after 2 month we have reversed the same.
During this period we have excess itc credit approx 20000 in credit ledger which was not utilised .and cash ledger credit approx 35000 which was not utilised.
So pls advise whether we have to pay interest on 5000 only or 60000 ?
We have taken wrong itc of hotel 60000 but after 2 month we have reversed the same.
During this period we have excess itc credit approx 20000 in credit ledger which was not utilised .and cash ledger credit approx 35000 which was not utilised.
So pls advise whether we have to pay interest on 5000 only or 60000 ?
22 October 2020
You have to pay the interest to the extent of utilisation of wrong credit availed.
22 October 2020
Thanks.
Can we adjust cash ledger balance amount at the time calculating interest?
Can we adjust cash ledger balance amount at the time calculating interest?
22 October 2020
No, you can not adjust.
22 October 2020
Thanks sir.
Can we pay interest amount from cash ledger balance instead of paying from bank.?
Can we pay interest amount from cash ledger balance instead of paying from bank.?
22 October 2020
Yes , of course you can use cash ledger balance for paying interest.
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