I have paid excess output tax in FY 2017-18 due to mistakenly making output tax payment both on advance received against supply of goods and again on the entire transaction value(including advance component). Instead of adjusting such excess output tax paid against future output tax payable, I have claimed an equivalent Input Tax Credit in FY 2019-20.
Such ITC has not been reversed yet and has been availed from the electronic ledger ever since.
My question is:
1. Do we need to change this position or its fine?
2. Can I still claim a refund in RFD-01 of the erroneous excess output tax paid even though 2 years may have passed from the date of payment?
3. Do we have to reverse such ITC claimed and pay applicable interest? In case refund is time-barred, do I still need to reverse ITC?
CAclubindia
