Nil Chauhan (39 Points)
17 January 2019WHAT 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
pritesh
(CA Final student)
(7101 Points)
Replied 17 January 2019
Nil Chauhan
(39 Points)
Replied 17 January 2019
pritesh
(CA Final student)
(7101 Points)
Replied 17 January 2019
Nil Chauhan
(39 Points)
Replied 17 January 2019
Najeeb Ur Rehman
(85 Points)
Replied 17 January 2019
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 17 January 2019
| 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
Bhaavesh Gupta
(8 Points)
Replied 25 May 2019
Bhaavesh Gupta
(8 Points)
Replied 25 May 2019
| 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 |
|
Bhaavesh Gupta
(8 Points)
Replied 25 May 2019
| 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.
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