Input declaration done wrongly..

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This query is : Resolved

Quick Summary

A user mistakenly declared input tax credit incorrectly on their February 2020 GSTR-3B return, leading to an overpayment via credit ledgers. They are seeking advice on reversing the excess credit for the next month and understanding potential interest liabilities. Specifically, they want to know if interest is applicable on the wrongly declared input, the calculation method, and if there are any official government orders or notifications regarding such errors.

Shankar Rao

Shankar Rao (Querist)
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24 March 2020 Dear sir,

Month of Feb'2020 GSTR-3B Return we have declared input wrongly.Actually we have to pay amount under CGST/SGST, payment also made on 20.03.2020 due to input declaration wrong setoff done via credit ledgers CGST/SGST , now we have excess credit in ledger and current ledger also showing our payment.

In this connection can we reverse excess credit for next month?
can we liable interest on wrong declaration of Input? if liable howmuch percentage and from which date i have to take for calculation.