excess amount entered in eligible itc

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RAHUL SHARMA (Querist)

20 October 2017 i had entered the amount 6540 instead of 5640 in eligible itc and submitted it as i cant change the amount after submission i paid the tax in cash and utilise the original itc that is 5640 in the gstr 3b for month of september. am i liable to pay interest for wrong availment of itc?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

21 October 2017 No you are not eligible..... Same can be corrected in GSTR-2....

RAHUL SHARMA

RAHUL SHARMA (Querist)

21 October 2017 yes mam i know i just want go know whether i am liable to oay interest for wrong availment of itc

RAJA P M

RAJA P M (Expert)

21 October 2017 If you are paid the liability as correct calculation then no need to pay Interest.... If you are paid less than amount then you ll be pay interest on balance liability...

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

21 October 2017 No you can't as you didn't avail such ITC.

CA Rohit Sinha

CA Rohit Sinha (Expert)

21 October 2017 In this case , Credit available as per GSTR -2 and utilized in 3B would be same and there would no excess liability to pay. Hence no interest would be payable.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

21 October 2017 Yes corretly understood

RAJA P M

RAJA P M (Expert)

21 October 2017 @ Mr CA Rohit Sinha., In case liability is more than GSTR 3B.. Then What...? If GSTR 3B based calculated liability Rs. 100000 But, GSTR 3 based Liability is 150000... Then How To handle the excess liability...?

CA Rohit Sinha

CA Rohit Sinha (Expert)

23 October 2017 In that case you have to deposit the excess amount along with interest @ 18% p.a

RAJA P M

RAJA P M (Expert)

23 October 2017 @ Mr CA Rohit Sinha., Nice... Good Going Sir... Keep it up. This is Professional activities....

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