Excess ITC IN OCT 2019

This query is : Resolved

TARIQUE RIZVI (Querist)
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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

CA R SEETHARAMAN (Expert)
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16 December 2019 Yes adjust excess ITC in November GSTR 3b.

RAJA P M

RAJA P M (Expert)
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17 December 2019 If You claim excess ITC except the new rule of +20% then the ITC will be reversible with interest @ 24%.

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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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.

RAJA P M

RAJA P M (Expert)
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17 December 2019 Utilized or Not if availed/Shown the ITC the Interest is payable...

Gokul Sharma

Gokul Sharma (Expert)
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17 December 2019 reverse the excess itc taken in oct .........in filling of nov gstr 3b

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