i claimed 6 lakh excess itc in 17/18.and utilised 2 lakh in 18/19.
what will be the interest and how to reverse in annual teturn
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excess itc
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show difference in Table 4 I.e., show correct amount pay the tax though DRC-03. Pay Interest only on two lakhs utilized amount only
No. you have to reverse it firstly in GSTR-3B in table 4B if not done in 2018-19 then can reverse it through DRC-03. with the interest @ 24% on the amount you have excess claimed. in annual return if you had reverse in 2018-19 you have mention those figures in table 12 and if reverse through DRC-03 then it will in table 7
Show the reversal in table 7(H) & in Table 12
Deposit the same with interest @ 24% & file DRC 03
Deposit the same with interest @ 24% & file DRC 03
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