EXCESS OUTPUT AND ITC
vishal dwivedi (hr) (51 Points)
24 January 2020
i claimed excess output and excess. itc in march 3B (17/18).i did not reverse itc or output further what to do now ???
23 Replies
Roshni
(Studwnt)
(1141 Points)
Replied 24 January 2020
Pay the excess claim of ITC along with interest @ 24%
Roshni
(Studwnt)
(1141 Points)
Replied 24 January 2020
You need to amend the returns in which you claimed excess output.
vishal dwivedi
(hr)
(51 Points)
Replied 24 January 2020
Dear mam it is about 17-18.can we ammend the OUTPUT figure even now in 3B
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 24 January 2020
| Originally posted by : vishal dwivedi | ||
 |
i claimed excess output and excess. itc in march 3B (17/18).i did not reverse itc or output further what to do now ??? |  |
Excess ITC & OUTPUT...??
Can You give details...?
vishal dwivedi
(hr)
(51 Points)
Replied 24 January 2020
In march 3B i mistakenely filled the details from july 17 to march 18
Roshni
(Studwnt)
(1141 Points)
Replied 24 January 2020
I need to check upon that...and FYI interest rate can be 18% as well depending on the case
vishal dwivedi
(hr)
(51 Points)
Replied 24 January 2020
The excess figure is
output-465637
input-533574
output-465637
input-533574
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 24 January 2020
| Originally posted by : vishal dwivedi | ||
|
In march 3B i mistakenely filled the details from july 17 to march 18 | |
File GST Annual return with correct values as per Your Books/Transactions. Find out the Difference and Pay the Liability with Interest...
Roshni
(Studwnt)
(1141 Points)
Replied 24 January 2020
For excess input under sec 50 Delayed payment of tax ..interest rate @ 24% gets attracted
vishal dwivedi
(hr)
(51 Points)
Replied 24 January 2020
I filled the annual return with correct data as per book.what will be the liability to be paid via drc (excess output-excess itc )
or the whole itc i claimed ??
or the whole itc i claimed ??
Roshni
(Studwnt)
(1141 Points)
Replied 24 January 2020
Excess ITC of 533574 and interest on such excess credit without set off ie. 533574*24%
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