aniket agrawal (2 Points)
23 November 2020in the last month, gst department issued a notice regarding excess claim of ITC. and after reconciliation it is found that some bills were mistakenly claimed twice. so in the return of October in order to set off those excess claim we proceeded to reverse the ITC of IGST but in the credit ledger we don't have that much IGST. So how shall we proceed?
deepa pg
(15 Points)
Replied 24 November 2020
Show the Excess claimed under Other ITC Reversals.......... and Interest also shown under Interest and late fees.(from the period you take credit to till date of return .18% p.a. )
No issue if there is no other credit the site will auto compute this with the current month Liability to make the payment. ( add with Output tax liability).Make payment and keep this Reconciliation for future assessment and records.
Bhavika Kothari
(CA)
(1258 Points)
Replied 06 December 2020
You can pay such amount in cash via Challan
CAclubindia
