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excess itc

07 September 2019

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

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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

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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

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