I have claimed excess ITC in GSTR 3B...now I have to reverse ITC in annual return...now am I liable to pay interest @ 24% even I have huge balance of genuine ITC throughout the year period due to inverted tax rate structure
please suggest
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Interest on Excess ITC
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Yes you are liable to pay 24% interest on excess ITC claimed. regarding inverted tax structure you can claim refund of the excess ITC.
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