WRONG ITC AVAILED HOW TO REVERSE IN GSTR-3B
This query is : Resolved
trilok nathani
(Querist)
21 November 2019
SIR,
I HAVE TAKEN 16LAKH WRONG INPUT TAX CREDIT OF IGST BY MISTAKE IN DUPLICATION OF INVOICE IN F.Y.2018-19. AND I WANT TO REVERSE THIS INPUT CREDIT IN F.Y.2019-20 . HOW I REVERSE THIS INPUT CREDIT IN GSTR-3B AND THIS ITC IS F.Y.2018-19 SO THIS REVERSE IN GSTR-3B OF F.Y2019-20 OR ANNUAL RETURN OF 2018-19 . AND WHAT AMOUNT OF PENALTY AND INTEREST I HAVE TO PAID. PLEASE SOLVE MY PROBLEM..
I HAVE TAKEN 16LAKH WRONG INPUT TAX CREDIT OF IGST BY MISTAKE IN DUPLICATION OF INVOICE IN F.Y.2018-19. AND I WANT TO REVERSE THIS INPUT CREDIT IN F.Y.2019-20 . HOW I REVERSE THIS INPUT CREDIT IN GSTR-3B AND THIS ITC IS F.Y.2018-19 SO THIS REVERSE IN GSTR-3B OF F.Y2019-20 OR ANNUAL RETURN OF 2018-19 . AND WHAT AMOUNT OF PENALTY AND INTEREST I HAVE TO PAID. PLEASE SOLVE MY PROBLEM..
Gokul Sharma
(Expert)
22 November 2019
you can reverse in input of this year .........pay interest @ 24%p.a from the input utilised upto reversal
22 November 2019
I think 18% interest only for short payment or non payment of duty and 24% interest for wrong utilization of GST ITC Credit. if you have utilized the credit from the date utilization till the date of making payment. There will be no penalty if this is not intentional and voluntarily before noticing by department
Message likes :
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22 November 2019
Yes... 24% interest is applicable for wrong/excess claimed ITC
26 November 2019
Another option is to file Form DRC03 for reversal of input. Interest @ 24% p.a. will have to be paid.
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