Wrong credit

This query is : Resolved

Namit (Querist)
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28 August 2018 had wrongly taken credit of an amount in the month of october, now i want to pay it along with interest and rectify it, how to do it? and how much interest to pay?

CA PRAVEEN

CA PRAVEEN (Expert)
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28 August 2018 If GST is not paid within the due dates of filing return Interest at following rates has to be paid:

Particulars Interest
Tax paid after due date 18% p.a.
Excess ITC Claimed or excess reduction in Output Tax 24% p.a.

RAJA P M

RAJA P M (Expert)
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28 August 2018 Interest rate @ 24% for wrongly taken ITC.

Namit

Namit (Querist)
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30 August 2018 THANK YOU SIR FOR LETTING ME KNOW THE INTEREST RATE APPLICABLE BUT WHAT PROCEDURE TO BE FOLLOWED ISN'T ANSWERED?

CA PRAVEEN

CA PRAVEEN (Expert)
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30 August 2018 Reverse wrongly ITC taken in GRTR-3B of next month.

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