Wrong Input Availed in Sept'2019 but the same has been unutilised till Oct'2020.
The Wrong Input utilised in the month of Nov'2020.
Now my question is
1) Whether we have to charge interest from Sept'2019 or Nov,2020
2) Under which section we have to reverse the amount
3) Financial Year to be selected
Menu
Calculation of Interest on wrong Input Availed
Replies (4)
Quick Summary
Interest payable from Nov 2020.
Interest payable under section 50(3).. Reversal to be made as per section 73
Financial years 2020-21 and 2021-22 and now 2022-23
If we have utilised CGST & SGST Input but not utilised Cess amount. In this case how to reverse the wrongly availed input and which period to be selected for Cess reversal in DRC 03.
Interest only payable on CGST and SGST.
No interest on cess.
Period to be selected will be the one in which non compliance occurred
Agreed with altamush
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
