ITC WRONGLY TAKEN AND THEN REVERSED
This query is : Resolved
14 August 2020
In October 2019 I mistakenly took ITC of 1.60 lakh of IGST and used in total rs.12000 for the liability of CGST and SGST in October and November, in December I reversed 1.60 lakh, out of which i had remaining credit of 1.48 lakh IGST and remaining 12000 with cgst credit... will there be any interest liability on me?
14 August 2020
You need to pay interest @ 24% on the utilised amount of Rs.12000/-
Message likes :
1 times
15 August 2020
Rate of interest applicable will be 18% to the extent of utilisation .i.e.Rs.12,000/-. Interest @ 24% applicable only in case of mismatch under section 42/43.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reg Correction Form 15CB & 15CA
- Regarding Capital gain of NRI
- TDS deposited by party after the filing of income tax returns
- Gstr9 fy23-24
- Rebate u/s 87a on STCG / LTCG - New tax regime
- TDS deduction requirement
- GSTR9 REGARDING
- Foreign assets include NRE & FCNR deposits maintained in India ?
- Regarding TDS refund u/s 194B & 194G of AY 2024-25
- REGARDING ITR RETURN PROCCESSED BY DEPARTMENT
- Regarding the Demand Raised in TAN due to inoperative PAN.
- ITC IN AMMENDED INVOICE IN GSTR9 2023-24
- Unclaimed ITC relates to FY2023-24 reclaimed in October-2024 but failed to reverse the same
- Rule 42 Calculation
- Fixed assets to be expensed out resulting nil value
- ITC RECREDIT NOT SHOWN IN GSTR 9
- GSTR9 ITC AVAILED CLARIFICATION
- Wrong itc ingstr-3b coloum4-b-1
- Reclaim input disclose in annual return 23-24
- How to determine Holding period of shares in the case of ( Listed shares)
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
