By mistake we took IGST ( Input credit ) 98900.00 excess for the month of October,20 in GSTR 3B return, now this November,20 GSTR3B return we want to REVERSE BACK above IGST (input credit).Please suggest us how many interesting will be payable against this & any others charge also will be paid against this
11 Replies
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 12 December 2020
You are liable to pay interest @ 24% p.a. on excess claim of ITC
No other charges
No other charges
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 12 December 2020
Please provide date of filing of October month return
When November month return will file
When November month return will file
Haren
(Accountant)
(106 Points)
Replied 12 December 2020
Oct,20 GSTR 3b filled 10/11/20 & we will filed
Nov,20 GSTR 3b return 15/12/20, calculate please
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 13 December 2020
You can calculate Interest amount as per
98900 x 24 x 35 / 100 x 365
35 days (10.11.20 to 15.12.20)
98900 x 24 x 35 / 100 x 365
35 days (10.11.20 to 15.12.20)
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(604 Points)
Replied 13 December 2020
Rate of interest will be 18% , not 24% . 24% interest is as per section 50(3)
Haren
(Accountant)
(106 Points)
Replied 13 December 2020
1)note that if we took right Input figure for the month of Oct,20 then SGST Tax payable come 20500.00 but Wrong IGST figure taken purpose no tax payable was come & also some amount comes in CGST &SGST in gst credit ledger , so if we REVERSE BACK this above IGST Rs. 98900.00 in Nov,20 GSTR 3B return then only interest will be charge or panelty will charge reply urgent basis.
2) In Nov,20 our Output IGST tax payable liability is nil because this month we have not any interstate sale , so can we reverse IGST 98900.00 this month?
please reply hurry
anil jain
(Partner)
(1072 Points)
Replied 15 December 2020
no other charge than interest.
calculate the intt from date of last month filing of gstr3b to date of reversal i.e. date of filing of current month gstr3b.
Upasana
(Student)
(28 Points)
Replied 16 December 2020
If gst was payable in Oct 20 then Interest will be payable at 24% on 98900 which comes to 1561 ulto 16.10.2020 and if there was no payable in Oct 20 Gstr 3B then no interest is payable.
Haren
(Accountant)
(106 Points)
Replied 20 December 2020
It is mandatory to inform gst officer about this IGST reversal with writing letter
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