excess itc claimed

M RAJAMOGILI (asst accountant) (58 Points)

28 June 2018

we have claimed excess itc ...what to do. now please suggest ....how to do itc reversal

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Nihar Ranjan Rout (CA Final & CS Final) (577 Points)
Replied 28 June 2018

You will have to add the excess ITC claimed to your output liability in the next return and pay interest @ 24% on such excess amount by cash.

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Vinod Babu (24196 Points)
Replied 28 June 2018

You ll reverse the excess INPUT Claimed in GSTR 3B "4.Eligible ITC - (B) ITC reversed (2). Others.

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Cma Mahesh Nakate (96 Points)
Replied 30 June 2018

if we did not utilised ITC still need to pay interest on it

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