ITC claimed Excess in 2017-18

Save Share

This query is : Resolved

Quick Summary

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)

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)

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)

21 May 2020 Thank you sir this has helped me.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

22 May 2020 Welcome.................

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now