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Interest on reversal of itc and ITC amount paid

This query is : Resolved 

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?

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

But i have deposited interest into cash ledger. How to transfer this amount to DRC-03?

Fill the form DRC-03 to create interest liability and offset the cash ledger with the interest. liability

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?

DRC-03 Voluntary u/s 73(5)

As for days the calculation will be the date of return to the date of return.

If you are having further problems you should take professional service/advice.

There are so many sections showing like 73(5).73(6) and others? What is meaning of u/s 73(5)?

No problem more in this regards

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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