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 ??
Menu
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
Recent Topics :
- How to Bulk GSTIN Number Verify and Validation
- OPC Annual Filing Defaults – Need Guidance t
- OPC Annual Filing Defaults – Need Guidance t
- FCGPR of a past period
- Discuss and Download CA Final Question Paper Nov 2
- Does Parag gupta's booster batch good for CA Inter
- Police Bandobost and GST Invoice
- Understanding where manual effort goes in audit wo
- Scanned purchase bills to Tally XML with GST check
- TDS applicability of foreign remittance to Oracle
Related Topics :
CAclubindia
