Itc claim difference short fall vs excess claim

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This discussion clarifies the implications of ITC (Input Tax Credit) claims on the GST portal, specifically addressing shortfalls and excesses for FY 21-22. It explains that claiming excess ITC requires reversal in the next return, with interest payable at 18% if utilised against liabilities. For ITC shortfalls, dealers can claim the missed credit until the due date for the September 2022 return. The query also touches upon potential tax, interest, and penalty implications under the GST Act for these discrepancies.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

04 June 2022 Sir,
A Gst registered dealer itc claim details mentioned show as per gst portal in f.y.21-22
Some months itc claim short falls rs: 28765/-
Some months itc claim excess rs:34567/-
Question:
Dealer itc excess vs itc short fall difference amount tax and interest and penalty applicable in gst act.

CA Altamush Zafar

CA Altamush Zafar (Expert)

05 June 2022 Reverse the excess ITC. If such ITC has already been utilised then interest will be payable @ 18% otherwise no interest will be payable

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

05 June 2022 In case of shortfall, you can claim such ITC till due date for filing of Sept 2022 return. In case you claim excess ITC, reverse it in next month return and interest will be payable only if you utilise such amount to pay your liability

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