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ITC OVER CLAIM
I claimed ITC in excess of Rs.2500 in sep 19 .shall i return the Excess ITC in DEC gstr 3b ,is there any interest to be payable for thd late reversal or can i under claim the Nov month ITC of 2500 to set ofc the excess in upcoming 3b return ?
Replies (2)
Report netoff by reducing 2500/- from December month ITC .
Yes you are required to deposit interst @ 24% pa. (Section 50 CGST Act)
Yes you are required to deposit interst @ 24% pa. (Section 50 CGST Act)
Please reduce the adjust the itc and pay with interest
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