excess amount entered in eligible itc
This query is : Open
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?
21 October 2017
No you are not eligible.....
Same can be corrected in GSTR-2....
21 October 2017
yes mam i know i just want go know whether i am liable to oay interest for wrong availment of itc
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...
21 October 2017
No you can't as you didn't avail such ITC.
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.
21 October 2017
Yes corretly understood
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...?
23 October 2017
In that case you have to deposit the excess amount along with interest @ 18% p.a
23 October 2017
@ Mr CA Rohit Sinha.,
Nice... Good Going Sir...
Keep it up. This is Professional activities....
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