hello
I claimed excessive itc in sep 19
and returned in Nov 19
but no interest paid for the above itc till date.
what shall I do ?
5 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 05 May 2020
If claim excess ITC then reverse the excess claimed amount with interest...
CA Raghavendra Reddy M
(40 Points)
Replied 05 May 2020
It is better to pay at the earliest before Sep 20 GSTR-3B returns. If not paid before Sep 20 same has to be paid at the time of annual return. Or if don't want to pay... as there is no interest on interest, no need to pay the same has to be paid when department finds but it is risky.
Interest to be paid for the period : SEP 19 Return filed date to NOV 19 return filed date.
Interest to be paid for the period : SEP 19 Return filed date to NOV 19 return filed date.
Asha Kanta Sharma
(Manager - Finance & Accounts)
(36355 Points)
Replied 05 May 2020
You can pay the same in the subsequent returns, or before Sept 2020 GSTRB (Due date being 20th Oct 2020) or before filling annual return for 19-20 (on or before 31st Dec 2020) Better to come clean and clear ASAP
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