Interest on ITC
This query is : Resolved
Quick Summary
08 March 2022
Respected Expert
Please provide Guidance
I Purchased goods in January 2022. availed ITC in Jan as purchase was showing in 2B of Jan. In Feb returned half the goods as it was damaged. Seller issue credit note and showing in Feb GSTR 2B . Now ITC has to be reversed by me (buyer). Does any interest has to be paid in Feb GSTR 3B.
Thanks in advance
Please provide Guidance
I Purchased goods in January 2022. availed ITC in Jan as purchase was showing in 2B of Jan. In Feb returned half the goods as it was damaged. Seller issue credit note and showing in Feb GSTR 2B . Now ITC has to be reversed by me (buyer). Does any interest has to be paid in Feb GSTR 3B.
Thanks in advance
CA R SEETHARAMAN
(Expert)
08 March 2022
No interest payable in such a case.
Message likes :
1 times
CA Puja Sharma
(Expert)
08 March 2022
No, interest have to be paid because the seller has issued the credit note in Feb 2022
Message likes :
1 times
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