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Gst query itc claim rule 36(4) +5 above cancel of gst number

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21 January 2021 sir,
Any gst registered dealer input credit calimed rule 36(4)+5% above itc claimed(not followed) dealer gst registered number cancel in gst act

21 January 2021 No, You are advised to reverse the amount of credit availed in excess. In case such credit has been utilised for paying tax, the same may be deposited through FORM DRC-03 with applicable interest.
In case the opportunity for voluntary compliance as suggested is not availed, appropriate action for recovery of excess ITC availed with interest and imposition of penalty shall be initiated as per the law



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