Interest on Reversal of Input Tax Credit
This query is : Resolved
07 April 2021
Sir/Madam
A private limited Company has availed ITC in the month of Jan 2021 GSTR-3B. Now supplier has provided a credit note against the Invoice in March 2021. Interest at what rate is to be calculated at time of reversal of ITC.
Please guide.
A private limited Company has availed ITC in the month of Jan 2021 GSTR-3B. Now supplier has provided a credit note against the Invoice in March 2021. Interest at what rate is to be calculated at time of reversal of ITC.
Please guide.
CA R SEETHARAMAN
(Expert)
08 April 2021
No interest applicable as credit note issued in March, consider it in March return.
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