I am a gstin holder, ITC pertaining to year 2017 -18 claimed belatedly i.e after march -2019 . Now department issued notice to revese the same along with output tax in cash . Is it double taxation ? First thing is reversing ITC and second is paying the same in cash ??
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Delayed ITC
Replies (1)
As per Section 50 r/w rule 88B ITC need to be reverse & interest is payable @ 18%.
As per Section 49(4) Credit Ledger can be used towards the output tax .
So convience the officer either you can reverse the ITC or can pay through cash ledger
Note: Penalty can be leviable if notice under Section 73 or 74 served
As per Section 49(4) Credit Ledger can be used towards the output tax .
So convience the officer either you can reverse the ITC or can pay through cash ledger
Note: Penalty can be leviable if notice under Section 73 or 74 served
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