Excess itc taken

bijo (Accountant) (302 Points)

08 October 2018

Any excess ITC taken on FY 2017-18,how it will be adjusted on September'18 return? Any penalty is there for the same?

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Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 08 October 2018

As per section 50(3) , interest @ 24% has to be deposited if excess credit has been claimed

Vinod Babu (24191 Points)
Replied 08 October 2018

Reverse the excess ITC taken in September month 3B and also pay interest for it as told by Pankaj sir..

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bijo (Accountant) (302 Points)
Replied 10 October 2018

How to calculate the penality?

Vinod Babu (24191 Points)
Replied 10 October 2018

no penalty. late fee applicable if not filed within due date.
gst portal automatically calculates late fee while submitting returns.

bijo (Accountant) (302 Points)
Replied 11 October 2018

How much is the late fee.How to calculate it? Is there any separate column for filling the last FY's missed item?

Pankaj Rawat (GST Practitioner) (55047 Points)
Replied 11 October 2018

NO LATE FEE APPLICABLE , CALCULATE INTEREST AMOUNT @ 24% DAYWISE, DEPOSIT THE SAME.

SHOW THE INTEREST PAYABLE UNDER TABLE 5 OF GSTR 3B

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