GST ITC : Interest on ITC reversal
Eswar Reddy S (CFO- at NHTF) (58263 Points)
14 March 2022So we have reversed the ITC through GSTR-3B in February GSTR filing.
GST was already paid to the extent of ITC availed..
Do we have to pay interest now ?
Eswar Reddy S (CFO- at NHTF) (58263 Points)
14 March 2022
CA Aakarsh Jain
(CA)
(10368 Points)
Replied 14 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 15 March 2022
CA Puja Sharma
(Chartered Accountant)
(4972 Points)
Replied 15 March 2022
Since you have utilised the ITC for GST payment, you have to pay interest on the ITC which was wrongly availed.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 15 March 2022
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13606 Points)
Replied 15 March 2022
It does not depend on demand, if wrongly availed and utilized ITC, then need to pay interest on such ITC.
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 15 March 2022
Mahendra Kumar
(Accountant)
(26 Points)
Replied 17 March 2022
Whether interest is applicable on the reversal of ITC under Sec 41 and 42 if the return is filed late?
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)