Excess Input tax taken

Rules 440 views 11 replies

By mistake we took IGST ( Input credit ) 98900.00 excess for the month of October,20 in GSTR 3B return, now this November,20 GSTR3B  return we want to REVERSE BACK above  IGST (input credit).Please suggest us how many interesting will be payable against this  & any others charge also  will be paid against this

Replies (11)
You are liable to pay interest @ 24% p.a. on excess claim of ITC

No other charges

Please calculate figure  

Please provide date of filing of October month return

When November month return will file

Oct,20 GSTR 3b filled 10/11/20 & we will filed

Nov,20 GSTR 3b return 15/12/20, calculate please

You can calculate Interest amount as per

98900 x 24 x 35 / 100 x 365

35 days (10.11.20 to 15.12.20)
2276/-

Rate of interest will be 18% , not 24% . 24% interest is as per section 50(3)

1)note that if we took right Input figure  for the month of Oct,20 then SGST Tax payable come 20500.00 but Wrong IGST figure taken purpose no tax payable was come & also some amount comes in CGST &SGST  in gst credit ledger , so if we REVERSE BACK this above IGST Rs. 98900.00 in Nov,20 GSTR 3B  return then only interest will be charge or panelty will charge reply urgent basis.

2) In Nov,20 our Output IGST tax payable liability is nil because this month we have not any interstate sale , so can we reverse IGST 98900.00 this month?

please reply hurry

 

no other charge than interest.

calculate the intt from date of last month filing of gstr3b to date of reversal i.e. date of filing of current month gstr3b.

If gst was payable in Oct 20 then Interest will be payable at 24% on 98900 which comes to 1561 ulto 16.10.2020 and if there was no payable in Oct 20 Gstr 3B then no interest is payable.

It is mandatory to inform gst officer about this IGST reversal with writing letter 


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