i claimed 6 lakh excess itc in 17/18.and utilised 2 lakh in 18/19.
what will be the interest and how to reverse in annual teturn
3 Replies
sujith kumar dasa
(banglore)
(1496 Points)
Replied 07 September 2019
show difference in Table 4 I.e., show correct amount pay the tax though DRC-03. Pay Interest only on two lakhs utilized amount only
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 07 September 2019
No. you have to reverse it firstly in GSTR-3B in table 4B if not done in 2018-19 then can reverse it through DRC-03. with the interest @ 24% on the amount you have excess claimed. in annual return if you had reverse in 2018-19 you have mention those figures in table 12 and if reverse through DRC-03 then it will in table 7
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 September 2019
Show the reversal in table 7(H) & in Table 12
Deposit the same with interest @ 24% & file DRC 03
Deposit the same with interest @ 24% & file DRC 03
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