ITC ISSUE
This query is : Resolved
TARIQUE RIZVI
(Querist)
18 November 2020
Respected Sirs,
What will be the worse to worst consequences if we take the ITC into 3-B as per the books of accounts without comparing with 2-A or 2-B ?
Whether penalty shall be levied ?
or
Whether interest shall be recovered from us.
Please guide me and oblige.
What will be the worse to worst consequences if we take the ITC into 3-B as per the books of accounts without comparing with 2-A or 2-B ?
Whether penalty shall be levied ?
or
Whether interest shall be recovered from us.
Please guide me and oblige.
Lekhraj sood
(Expert)
18 November 2020
You are required to take ITC as per rule 36(4) i.e. 110% of GST amount of invoices appearing in GSTR2A.
You may given SCN to pay interest @ 18% on the excess credit and penalty equivalent.
You may given SCN to pay interest @ 18% on the excess credit and penalty equivalent.
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