WRONGLY CLAIMED ITC IN THE MONTH OF MARCH 2020
This query is : Resolved
raghavendra b
(Querist)
27 November 2021
DEAR SIR,
I HAVE CLAIMED WRONGLY ITC IN THE MONTH OF MARCH 2020. THE PURCHASE BILL ISSUED ANOTHER TRADERS NAME HE IS MY CLIENT FRIEND BOTH ARE PURCHASING SAME PERSON SO THE MISTAKEN HAPPENED. WHAT TO DO NOW NEARLY ONE AND HALF YEAR PASSED WHETHER I HAVE TO REVERSE THE ITC ALONG WITH INTEREST OF AT 1% PER MONTH OR I HAVE TO PAY ENTIRE ITC WRONGLY CLAIMED.
PLEASE NOTE I HAVE ALREADY ITC IN ELECTRONIC CREDIT LEDGER.
YOUR GUIDENCE IS VERY IMPORTANT
REGARDS
I HAVE CLAIMED WRONGLY ITC IN THE MONTH OF MARCH 2020. THE PURCHASE BILL ISSUED ANOTHER TRADERS NAME HE IS MY CLIENT FRIEND BOTH ARE PURCHASING SAME PERSON SO THE MISTAKEN HAPPENED. WHAT TO DO NOW NEARLY ONE AND HALF YEAR PASSED WHETHER I HAVE TO REVERSE THE ITC ALONG WITH INTEREST OF AT 1% PER MONTH OR I HAVE TO PAY ENTIRE ITC WRONGLY CLAIMED.
PLEASE NOTE I HAVE ALREADY ITC IN ELECTRONIC CREDIT LEDGER.
YOUR GUIDENCE IS VERY IMPORTANT
REGARDS
CA R SEETHARAMAN
(Expert)
28 November 2021
You have to pay entire ITC along with 24% percent interest through DRC 03.
You can avoid penalty in such a case.
You can avoid penalty in such a case.
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