Excess ITC IN OCT 2019
This query is : Resolved
TARIQUE RIZVI
(Querist)
16 December 2019
Inadvertently just because of miscalculation excess ITC was taken in GSTR-3-B for the month of October 2019. Now we have to file GSTR-3-b for the month of November due date of which is as on 20th Dec 2019. What to do now ? Whether the said excess ITC can be adjusted in NOV GSTR-3-B. Please advise me and oblige.
CA R SEETHARAMAN
(Expert)
16 December 2019
Yes adjust excess ITC in November GSTR 3b.
17 December 2019
If You claim excess ITC except the new rule of +20% then the ITC will be reversible with interest @ 24%.
17 December 2019
Hope you have not utilized the same, may not required to pay any interest, you can reverse in filing Nov,19 GSTR 3B.
17 December 2019
Utilized or Not if availed/Shown the ITC the Interest is payable...
Gokul Sharma
(Expert)
17 December 2019
reverse the excess itc taken in oct .........in filling of nov gstr 3b
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