ITC claimed Excess in 2017-18

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This discussion addresses concerns about claiming excess Input Tax Credit (ITC) for the 2017-18 financial year, particularly when GSTR 9 filing is optional due to turnover below £2 crore. It clarifies that voluntary payment of the excess ITC with interest (via DRC-03) can avoid penalties. The conversation also covers situations where vendor invoices for FY 2017-18 ITC were filed in FY 2018-19, explaining how to address such discrepancies with tax authorities.

vikram

vikram (Querist)
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20 May 2020 Sir
1. GSTR 9 filing is optional for FY 2017-18 as my turnover is below 2cr but in portal I claimed excess ITC and not yet reversed. since it's not yet paid, do i need to pay penalty? As am paying interest @18%.
2. Following to same query for FY 17-18, some vendors has filed invoices in FY 2018-19 pertaining to ITC of FY 2017-18 . Due to which ITC is reflecting in FY 2018-19 b, but i availed it in FY 2017-18 because the invoice given by my vendor is of FY 2017-18. How to explain it to authorities and ITC excess claimed difference is reflecting in the portal.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 May 2020 1 Pay through DRC 03 GST and interst no need for any penalty payment in case of voluntary payment.
2 It's allowed and can be explained when any query raised by tax authorities. No need for any reversal or payment for such differences.

vikram

vikram (Querist)
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21 May 2020 Thank you sir this has helped me.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 May 2020 Welcome.................

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