WHAT IF CLAIMS EXCESS ITC THAN WHAT SHOULD I DO?
SHOULD I DO ITC REVERSAL (OTHER)
OR
SHOW IN INELIGIBLE ITC (OTHER)
AND WHAT RATE OF INTEREST IF ITC REVESAL
WHAT IF CLAIMS EXCESS ITC THAN WHAT SHOULD I DO?
SHOULD I DO ITC REVERSAL (OTHER)
OR
SHOW IN INELIGIBLE ITC (OTHER)
AND WHAT RATE OF INTEREST IF ITC REVESAL
| Originally posted by : Najeeb Ur Rehman | ||
 |
if excess itc availed then reverse excess itc, no interest applicable but excess itc utilized or refund taken then interest applicable |  |
Dear Najeeb
Mentioned provision in which written that Interest is not applicable on availed ITC
| Originally posted by : Ravi SADhiyan | ||
|
Section 50(3) of the CGST Act levies interest on excess ITC claimed and not excess ITC availed. The Key word in Claimed and availed. Thus ITC availed in excess but not utilised for the payment of outward liability can be reversed without the interest in GSTR 3B |
|
| Originally posted by : Ravi SADhiyan | ||
|
Originally posted by : Najeeb Ur Rehman if excess itc availed then reverse excess itc, no interest applicable but excess itc utilized or refund taken then interest applicable Dear Najeeb Mentioned provision in which written that Interest is not applicable on availed ITC |
|
Section 50(3) of the CGST Act levies interest on excess ITC claimed and not excess ITC availed. The Key word in Claimed and availed. Thus ITC availed in excess but not utilised for the payment of outward liability can be reversed without the interest in GSTR 3B.
in which coloum
CAclubindia
