Interest on reversal of itc and ITC amount paid
This query is : Resolved
25 October 2021
I had claimed igst in June quater gstr3B return. I have reversed in September 2021 gstr3B return? Shall I have to pay interest? How much days interest have to be paid and where in which form we have to pay the interest? I have already paid reversed igst amount by creating challan. Can I pay interest by creating challan on gst portal? Pl advise?
26 October 2021
Yes interest has to be paid and calculation will be done as per days. Rate will be 18% p.a.. Can be paid through DRC-03
26 October 2021
But i have deposited interest into cash ledger. How to transfer this amount to DRC-03?
26 October 2021
Fill the form DRC-03 to create interest liability and offset the cash ledger with the interest. liability
26 October 2021
IN FORM DRC-03 we selected voluntary option. Again many options are shown. Which to select? We have taken igst by mistake in June return but reversed in September return. How no of days will be calculated?
26 October 2021
DRC-03 Voluntary u/s 73(5)
26 October 2021
As for days the calculation will be the date of return to the date of return.
26 October 2021
If you are having further problems you should take professional service/advice.
26 October 2021
There are so many sections showing like 73(5).73(6) and others? What is meaning of u/s 73(5)?
26 October 2021
No problem more in this regards
26 October 2021
Section will be chosen according to the provisions contained therein. Kindly go through the sections to see the circumstances which matches best with your situation.
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