We have claimed 2lacs ITC in November unfortunately the supplier has not filed GST returns or it's not appearing in GSTR-2A/2B.
So 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 ?
7 Replies
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 14 March 2022
Interest will only be paid if the ITC claimed in November is utilized for payment of taxes.
Eswar Reddy S
(CFO- at NHTF)
(58270 Points)
Replied 15 March 2022
Yes it was utilised and now reversed
CA Puja Sharma
(Chartered Accountant)
(5010 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)
(58270 Points)
Replied 15 March 2022
Is it on demand or voluntarily need to pay ?
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13706 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)
(58270 Points)
Replied 15 March 2022
It was not wrong..They will send the ITC in March due to practical issues
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?
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