Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Query on interest

24 July 2020

i have filed gstr3b january 2020 by taking excess ipt. can i rectified it by filing gstr 3b on july..?? if any amount of interest is payable..??

Reply
Follow
Share

6 Replies

Shivam RC (Student) (23683 Points)
Replied 24 July 2020

Have you utilised that ITC Ma'am to offset your Output Tax Liability ???

Upgrade to CAclubindia Pro. Subscribe Now!

mariya jo (42 Points)
Replied 24 July 2020

Yes, i have utilise that ipt to offset opt for the month of January 2020

Shivam RC (Student) (23683 Points)
Replied 24 July 2020

Q1). Can I rectify it by filing FORM GSTR-3B on July ???

Answer : YES. You can rectify ( reverse your ITC ) your mistake in your July month's FORM GSTR-3B.

Q2). If any amount of Interest is payable ???

Answer : YES. Since you have utilised the ITC to off-set your Output Tax Liability, Interest @ 24% p.a. under Section 50 of the CGST Act 2017 will be levied.

3 Like

mariya jo (42 Points)
Replied 24 July 2020

Suppose i have excess claimed ipt rs.6000000 on January 2020 , how much amount of interest i have to paid in july 2020

Inspector Kuldeep Singh (33 Points)
Replied 25 July 2020

Mam , pls file drc03 with 24% pa interest. don't wait for 3B otherwise interest will be increased everyday. interest will be calculated from due date of Jan return to till the filing date.