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Excess Input tax taken

Haren (Accountant) (106 Points)

12 December 2020

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

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11 Replies

JATINDER KUMAR (Accountant) (3662 Points)
Replied 12 December 2020

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

No other charges

1 Like

sona1 (MANAGER) (352 Points)
Replied 12 December 2020

Please calculate figure

1 Like

JATINDER KUMAR (Accountant) (3662 Points)
Replied 12 December 2020

Please provide date of filing of October month return

When November month return will file

Haren (Accountant) (106 Points)
Replied 12 December 2020

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

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

JATINDER KUMAR (Accountant) (3662 Points)
Replied 13 December 2020

You can calculate Interest amount as per

98900 x 24 x 35 / 100 x 365

35 days (10.11.20 to 15.12.20)

saurabh sawlani (2157 Points)
Replied 13 December 2020

2276/-

APURBA CHATTERJEE (QUALIFIED CHARTERED ACCOUNTANT) (602 Points)
Replied 13 December 2020

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

Haren (Accountant) (106 Points)
Replied 13 December 2020

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

anil jain (Partner) (1067 Points)
Replied 15 December 2020

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.

Upasana (Student) (28 Points)
Replied 16 December 2020

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.