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Excess itc claimed in2017-18


Neha Verma   05 December 2019

Neha Verma

 1 likes  12 points

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i have claimed excess itc in 2017-18 by purchase bill entered twice wrongly. but not utilized it for any output tax liability. now i reversed it through dec03 in november 2019 is interest applicable on it (excess itc)

avater

PC Sharma   07 December 2019

PC Sharma

 1 likes  66 points

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I think interest is applicable when SCN is issued, u don't pay in given time. assessment is not done yet and u hv self declared ur default , so less chances for the same.

avater

Pankaj Rawat (GST Practitioner)     14 December 2019

Pankaj Rawat
GST Practitioner 
 3499 likes  47401 points

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Yes interest is applicable @ 24% even though the same being not utilised , but as per Section 41 of CGST Act the eligible ITC only can be credited to ECL. & moreover , Section 50(3) of CGST Act stating The interest applicable the person makes undue or Excess claim of ITC.
Hence , Interest is applicable


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