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Excess claim of itc

umang gandhi (accountant) (44 Points)

20 October 2021

hi all,
I had wrongly claimed excess itc but till date I had not utilised same. if I am reversing same then I have to pay interest on that? or there will be no interest because I had not used?

TIA

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5901 Points)
Replied 20 October 2021

Any interest paid earlier on excess claim of ITC will be refunded by crediting the amount to the recipient's Electronic Cash Ledger. In case of duplication of ITC claim, no refund will be allowed as it is a contravention of the GST provisions.

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