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Reversel of input tax credit.

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This query is : Resolved

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This discussion addresses how to reverse input tax credit (ITC) of CGST and SGST in GSTR3B. The advice clarifies that if the ITC was not utilised, no interest is payable. However, if it was utilised, an 18% interest rate applies from the date of utilisation until the filing date.

k.b.nagesharao

k.b.nagesharao (Querist)
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17 September 2020 Dear Sirs,
I have taken input tax credit of cgst and sgst of rs. 9225/- in the month of april-19.Now how shall i revert the same in GSTR3B.
If I revered the same how much interest i have to pay. Please give your valuable advise as i have to file gstr3b by 20th of this month.Thanks in advance,
K.B.Nagesha Rao
9448826793

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 September 2020 Reverse and pay 18% interest.

Lekhraj sood

Lekhraj sood (Expert)
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17 September 2020 Yes,You can reverse it in August GSTR3B. You do not need to pay interest if you did not utilise this credit.But if you have utilised then you have to pay 18% interest from the date of utilisation to 20th september,2020.

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