SCN for Excess claim of ITC.
CA NAMRATA KAYARWAR (297 Points)
05 September 2022what would be reply for
Excess ITC : I need to reverse the same or need to pay in cash.
Interest: Rate of interest would be???
CA NAMRATA KAYARWAR (297 Points)
05 September 2022
APURBA CHATTERJEE
(QUALIFIED CHARTERED ACCOUNTANT)
(602 Points)
Replied 05 September 2022
If credit is available in ECL then reverse the same vide DRC 03, otherwise pay in cash.
As ITC is utilized so interest u/s 50(3) need to be paid.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 05 September 2022
Pankaj Rawat
(GST Practitioner)
(55047 Points)
Replied 06 September 2022
CA NAMRATA KAYARWAR
(297 Points)
Replied 06 September 2022
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13597 Points)
Replied 06 September 2022
Yes I agree with Pankaj ji interest rate will be 24% so you may reverse the ITC through credit ledger and pay interest in cash and file DRC-03.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 06 September 2022
CA Altamush Zafar
(GST Consultant)
(15961 Points)
Replied 09 September 2022
Pay through DRC-03 through cash. Interest rate is 18%
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