INTEREST ON EXCESS CLAIM OF ITC

16 January 2019

sir i have taken credit of capital goods by mistake.... so plz tell me can i add interest with reverse amount in gst3b??

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10 Replies

Pankaj Rawat (GST Practitioner) (55052 Points)
Replied 16 January 2019

Yes reverse the ITC with interest @ 24% as per section 50 CGST Act

Ankit kumar (245 Points)
Replied 16 January 2019

sir plz tell me can i reverse with interest and both amount and interest show in itc reverse column

Shoaib Khan (36 Points)
Replied 16 January 2019

No, not both amount.
ITC = In ITC reverse column (others)
Interest = In Interest column (Interest and Late Fess tile)

Mohit lodhi (student) (952 Points)
Replied 16 January 2019

No, pay the interest in ''interest and late fee'' column.

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Shoaib Khan (36 Points)
Replied 16 January 2019

Yes, Pay the interest in "Interest and late fees column"
And reverse the ITC in "ITC reversal (other) column".

Ankit kumar (245 Points)
Replied 16 January 2019

i have taken 20000 amount as claim but only use 2000 so tell me plz interest paid on which amount 2000 or 20000

Shoaib Khan (36 Points)
Replied 16 January 2019

Rs. 18000 still show in your credit ledger (gst portal)

Ankit kumar (245 Points)
Replied 16 January 2019

yes 18000 still show in my credit ledger

Shoaib Khan (36 Points)
Replied 16 January 2019

Interest is 24% on Rs. 2000.

Sanjiv Rajpoot (3430 Points)
Replied 16 January 2019

you should pay interest on 2000 @ rate of 24% and excess itc show in ledger to be reversed in next gstr3b

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