Interest Liability in Rule 36(4)
This query is : Resolved
11 November 2020
Dear Experts, we have taken below :-
Month GSTR-2A ITC Claimed 10% Diff.
Feb-20 1,20,000 1,55,000 12,000 (23,000)
Mar-20 1,65,000 1,75,000 16,500 6,500
Apr-20 85,000 1,02,000 8,500 (8500)
May-20 1,11,200 1,35,200 11,120 (12880)
June-20 1,58,100 1,98,200 15,810 (24290)
July-20 2,03,500 2,06,600 20,350 17250
Aug-20 1,85,700 1,76,500 18,570 27770
Total 10,28,500 11,48,500 1,02,850 (17150)
Sir in the above table, can we deposit interest on excess claimed ITC i.e. 17150 @24% p.a.?
Moreover, below are the details of Sep-20 & Oct-20 :-
Month GSTR-2A ITC Claimed 10% Diff.
Sep-20 2,13,500 2,47,450 21,350 (12600)
Oct-20 2,67,100 2,98,110 26,710 (4300)
Is there any liability of interest in above months, if yes, then on which amount we have to pay? i.e. diff. of ITC Claimed - ITC Shown in 2A or ITC Claimed - ITC Shown in 2A - 10% shown ITC in 2A.
I humble request to all the experts, please help me, on what basis we have to go ahead.
Regards,
Rakesh Sharma
Month GSTR-2A ITC Claimed 10% Diff.
Feb-20 1,20,000 1,55,000 12,000 (23,000)
Mar-20 1,65,000 1,75,000 16,500 6,500
Apr-20 85,000 1,02,000 8,500 (8500)
May-20 1,11,200 1,35,200 11,120 (12880)
June-20 1,58,100 1,98,200 15,810 (24290)
July-20 2,03,500 2,06,600 20,350 17250
Aug-20 1,85,700 1,76,500 18,570 27770
Total 10,28,500 11,48,500 1,02,850 (17150)
Sir in the above table, can we deposit interest on excess claimed ITC i.e. 17150 @24% p.a.?
Moreover, below are the details of Sep-20 & Oct-20 :-
Month GSTR-2A ITC Claimed 10% Diff.
Sep-20 2,13,500 2,47,450 21,350 (12600)
Oct-20 2,67,100 2,98,110 26,710 (4300)
Is there any liability of interest in above months, if yes, then on which amount we have to pay? i.e. diff. of ITC Claimed - ITC Shown in 2A or ITC Claimed - ITC Shown in 2A - 10% shown ITC in 2A.
I humble request to all the experts, please help me, on what basis we have to go ahead.
Regards,
Rakesh Sharma
11 November 2020
NOTHING YET INTEREST DEMANDED BY GOVT.
SO DO NOT PAY ON SELF WAIT FOR THE DEMAND NOTICE.
SO DO NOT PAY ON SELF WAIT FOR THE DEMAND NOTICE.
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